There is a high chance that markets are forming a rounding top pattern on weekly charts... we are still halfway within the pattern as a lower high/ lower low is not yet formed. This means a move of another 6 months is still pending.
The substantial overlap in last few months does point to a topping out pattern and the fact remains that markets are still at the place they were in Oct last year.
If the view of a rounding top is correct, it will mean that markets will start forming lower highs and lower lows over the next 5-6 months without breaking 4500. This can be tremendously frustrating from a trading perspective.
Above remains a theorotical view... for a practical view, traders as usual should follow the hourly charts.
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