Week 21 Market Roundup, the most frustrated rally ever?

We had a bullish week last week where the market had a reversal and swing up. So far the price action was not threatening except on Friday where we had a non-confirmation of demand shown up on Thursday in the Asia session. Yet, the market has resolved itself out from a spring (i.e. false break down). I still favor a supply absorption scenario for the market before it breakout to find higher targets.

Having said that, should the market breakout, it could well be the last leg up before a meaningful correction set in, which pretty much every fundamentalist or majority of market technicians have been expecting because this is indeed the most frustrated rally since the bottom formed in 23 Mar 2020.

Why?

Simply because majority do not believe the bottom is in plus a V-shape rebound is not that common after a bear market. So majority still on the sideline.

This is sound and logical belief or analysis given the Coronavirus context (quite a number of uncertainties) on top of the economic impact, which is yet to reflect in the future earning announcement.

From the chart, it is still a bullish market. The key for me is to participate the trend until it fails and manage my risk properly. So every tell-tale sign in the market is crucial for me to form my…