This market behavior is caused by the chaotic system at work. The emotional part of market behavior is caused by waves in the Earth's electric field. These waves are generated by the sun, moon, and the planets. They cause surges in the electric current flowing through traders, and they react emotionally. These electric waves occur in pairs-a positive and a negative wave.
Prices tend to be attracted to a strange attractor.
When they get close, the attractor may act like a hot stove, causing prices to skirt around the attractor. Then, after prices pass the attractor, it becomes a repellor, pushing prices away from it. This chart shows that behavior. I call it a Fireball. When I saw the spike up on the right side, I recognized the fireball.