Market channel about to break
Looks like the market tried to overshoot the channel, failed and broke into it, and now trying to fall below the channel, That is the reason of the strong temporary market bounce (hitting this multi-year resistance trend-line), once it breaks through it, the market will be in a free fall.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.