SPQ Chart, page-971

Mode, I think we have to look at this in several ways. The fundamentals drive a price and SPQ has new discovery. The price pattern is dominated by the weekly, not the daily and it is a penny stock. Usually, the micro scene follows the macro sector performance. The macro sector performance is also determined by the general economic activity. To answer your question, the latter is in bear territory and is washing over price but has not drowned it given the prospects. It is the fundamentals on the micro scene that has enabled the break of the downtrend on the longer weekly time frame which could have gone back to 4 cents. So in that sense it is a trend breaking pattern. But also, the TA shows a double top, which people back away from in a pullback to reassess prospects or simply follow the Fibs and re-enter. Wait and see tactics. Depends on perspective. Market makers like to take advantage too.

There are also influences on the pattern that historically have not been seen before. So in this sense the relevance of trend breaks has a different twist. The pattern is there and many see the pattern and TA as self fulfilling and come back into the market with a longer view as indicated above. This is supported because the gold de-risks and the copper has future value for a paradigm shift equal to the industrial revolution to accommodate climate change.

In the transition, we are witnessing a bear market at the global level. It seems, the world is revisiting Revelations with various left field impacts hitting at once. Covid placed excessive strains on the economic systems, but also at the micro level. Take lab results, which have strung out the reaction in price at the micro level. Never seen before, Had results flowed quickly the pattern would look very different and the program time frame would have been reduced. I think this aspect has been the biggest influence in determining the Cup and Saucer Pattern we see rather than traditional factors. War has dampened global activity. I still think copper is the new gold for a store of wealth.