The DI/LRSI is printing a power shift signal (orange background on indicator).
This occurs when either the ADX trend strength crosses over 25 or when it's already over 25 and the bulls/bears switch who's in control of the trend suddenly.
The latter signal is being printed on this week's candle.
With the weakening descending top and flat support, we can see the bulls have less power with each attempt they have made to return to previous ATH, but the bears have not been getting weaker (always returning to same support).
This is a classic signal of trend reversal when found at the top of a previously strong uptrend.
All together, this suggest there is only maybe a 5% chance at most that we see ATH again in 2021. Much more likely, it will take until late 2022 or later before we see a new ATH or massive double top.
This occurs when either the ADX trend strength crosses over 25 or when it's already over 25 and the bulls/bears switch who's in control of the trend suddenly.
The latter signal is being printed on this week's candle.
With the weakening descending top and flat support, we can see the bulls have less power with each attempt they have made to return to previous ATH, but the bears have not been getting weaker (always returning to same support).
This is a classic signal of trend reversal when found at the top of a previously strong uptrend.
All together, this suggest there is only maybe a 5% chance at most that we see ATH again in 2021. Much more likely, it will take until late 2022 or later before we see a new ATH or massive double top.
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