Well.. call it however you want to me it fits in two words > stop hunting ! This might be the only actual fuel to this unexepecter price surge that came out of nowhere.
Anyway the right question to ask yourself is not why... it's where ! Where does that lead us ? Are we heading toward new historical highs ? Is this a buy signal ?
I'll try answering those questions with my usual setup !
First, Sinewave : it's showing early REVERSE signal.. ! Don't overestimated this... early signals are just warnings, they can be invalidated as long as they're not validated and trully ploted on the chart. But still.. reverse cycles are very risky to trade against... so bulls needs to be veeeery cautious here.. cause if it actually reverses here it generally means that we'll wrong foot them and go sharply .
Then Momentum : curve is (lower lows and lower highs) so basically supports are less likely to hold than resistance.
Finally the price level : We're now testing a pullback from the broken support plotted from subwave 2-4 bottoms. Broken support is by definition a resistance. On perspective, all I can forecast is eventually an extended ... with a limit target of 138% retracement of A wave.
Despite all I can read here and there.. I can't support any scenario. Simply because both Sinewave and Momentum tend to plead for a trap. The price level is still under a resistance . So it's impossible for me to defend market calls ! All I need to short this market is to wait for it to reach momentum overload signaling or to see any candle reversal pattern under the resistance levels identified.
So... I'm already short, I'm not going to re-inforce agressively, I'll simply stay in and wait for a signal confirmation to go fully leveraged. Patience and anticipation... I know what I want to see on charts, if this happens I'll short again, if not I'll trigger stop losses if the market manages to break above the subwave 3-5 resistance . Anyway I think the next few days will be crucials. I'll update the idea whenever I'll have new price infos to help clarifying which way will become the most probable.
Hope this idea will inspire some of you ! I'ld appreciate any like/follow if you feel like it deserve it ;)
You can check my indicators via my TradingView's Profile : @PRO_Indicators