This long sideways crap may be drawn out until December. I do believe that there is a high probability that 6,000 was the bottom and we may range between 6k and 9k for quite some time. Volatility has been going down steadily, tightening the ranges.
Zoomed out, the whole crash looks like a bull flag that may continue the uptrend after a breakout. Declining volume on the downtrend is quite bullish since it means that sell pressure is getting less and fewer market participants are willing to trade in this range. Everybody is waiting for a breakout and I hope that we will see an upwards breakout with volume ticking up to confirm the breakout.
Zoomed out, the whole crash looks like a bull flag that may continue the uptrend after a breakout. Declining volume on the downtrend is quite bullish since it means that sell pressure is getting less and fewer market participants are willing to trade in this range. Everybody is waiting for a breakout and I hope that we will see an upwards breakout with volume ticking up to confirm the breakout.