My premise a while ago was that it could be forming a cup w/ handle pattern, but since that posting, the handle (channel) broke down further.
The daily (above, right) looks a bit oversold at this point, so I can see a pullback higher to try and regain the weekly (above, left) lower channel. If buyers are attracted then I can see a buy divergence on the weekly playing out, but the ball is obviously in the bear court.
Looking at the monthly (below, left) I can imagine that if 1529 gives then I think it can get messy.
Just for kicks, below is the weekly cycle count, since it has been consolidating for 77-weeks (I believe). Previously, it spent 100-weeks in a bullish frenzy after a consolidative breakout. So, it seems about right that it is consolidating as much as it has been in order to give symmetry to the previous bullish momentum.
The red line represents the price and time target based on the previous Inverted Cycle. The fuchsia line is the cyclic trend line (CTL in the Stevenson PTT concept) which is the trendline needed to be broken in order to consider the current Regular Cycle ended and the next inverted cycle to begin.
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