The red lines are the corrective fan principle. Once the 3rd fan is broken, the end of the bull market trend is confirmed. The 3rd fan was broken on 9/20/21. Since then, the new all time high is classified as a bear market retrace, and it is not uncommon for initial retracements to exceed 100% of the previous move, as occurred here.
The price is also in a primary uptrend marked by black lines. The price has recently ricocheted off of the convergence point between the top of the uptrend, and the underside of the 3rd fan. The importance of this event cannot be understated.
Finally, the price has been building an expanding pennant shown in blue. This pennant is forecasting a minimum correction of 25% from current levels, if it resolves downwards as predicted by the convergence ricochet.
The price is also in a primary uptrend marked by black lines. The price has recently ricocheted off of the convergence point between the top of the uptrend, and the underside of the 3rd fan. The importance of this event cannot be understated.
Finally, the price has been building an expanding pennant shown in blue. This pennant is forecasting a minimum correction of 25% from current levels, if it resolves downwards as predicted by the convergence ricochet.