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Besides, the weekly RSI5 is now at 22, and such low readings during prior Bull markets coincided with significant bottoms: see the vertically dotted green lines in Figure 3 above. Lastly, the MACD made a higher high in December 2024 compared to March 2024, confirming the higher prices (dotted green arrow). We will need to see non-confirmation, i.e., negative divergence, like in 2021 (dotted red arrow) to signal a larger top is in place.
Thus, given the highly negative sentiment readings, oversold technical indicators, the four phases, and our preferred EWP count, we concluded that a new Bear market has not yet started but that the current decline is a correction within a more significant uptrend ending later this year, targeting $148500-185640, with an ideal of ~$166.7K.
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