..the last time we saw a chart like this was when BTC cracked $100k and the expectation was that it was going much higher past the major resistance.
..but we know major resistance are harder to surpass and easier for the Dow to succumb to gravity in the megaphone chart structure.
..risk:reward is to the downside, but we're likely to have a bounce first. Arguably the top/peak is in.
..my expectation is that we have one last bounce, sucking in the BTDipppers one more time, before the next decline, following which we either (1) breach previous recent lows OR (2) move sideways in choppy fashion but with less interest for several months in a wait and see approach. If the bond market seizes up, (1) for sure and we get a lot worse, possibly heading for a GFC 2.0, if it does not, then (2) and movement thereafter hinges on whether US falls into recession/stagflation or not and the Fed's actions.
