I don't see any plateaus or defined peaks. A peak is defined relative to a trough. No trough, or retracement means no defined peak. There is a whole lotta spin out there in lamestream media telling us that COVID has peaked. I can't see it.
The virus's pinprick caused a POP. From April 2020, it took off with a BANG! The FED believes it can fight a virus with free or easy cash. They don't seem to be winning (at this time only).
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I think that all the talk about re-opening, partial re-opening or phased re-opening - is driven by panic that the whole global and country-specific financial systems are at risk of total collapse.
The reckless exuberance of the previous 11 years - and failure to learn history's lessons, has left he world unprepared for this black swan event. There is now a horrible double-bind (a conundrum) where doing nothing, becomes equivalent to doing something. Doomsday either way.
So some argue that doing something is better than doing nothing, therefore re-open. The word open and re-open in themselves lead to binary choices. They need another way but that's not likely to come from a true creative process when panic-stricken.
"ok everybody should go back to work and school"
"why, is Covid gone?"
"But the threat has gone?"
"so what changed?"
Move along now...back to work...
*ps, I'm sure I could mark this up as Wyckoffian accumulation! ;-)