The "Major" trend is up. The "Minor" uptrend within that Major uptrend looks extended and price has reacted to the 0.625 warning line (WL) by plunging below the median line, similar to how the bear market of 2008 started (look to it's pitchfork for comparison).
It helps to zoom in closer to see the particulars. It's amazing how reactive prices are to these pitchforks and for how long they seem to have an effect on price. The Major pitchfork (biggest pitchfork that contains the 2000 bear market and subsequent recovery, 2008 bear market and subsequent recovery, until now), which has a median line that acts as a "pivot line" to price, could very well be showing influences on price well after we all die of old age.
On a more optimistic note, keeping an eye on this chart can help us to set realistic long term targets that can pay huge dividends on our future retirements!
It helps to zoom in closer to see the particulars. It's amazing how reactive prices are to these pitchforks and for how long they seem to have an effect on price. The Major pitchfork (biggest pitchfork that contains the 2000 bear market and subsequent recovery, 2008 bear market and subsequent recovery, until now), which has a median line that acts as a "pivot line" to price, could very well be showing influences on price well after we all die of old age.
On a more optimistic note, keeping an eye on this chart can help us to set realistic long term targets that can pay huge dividends on our future retirements!