We need to wait and watch to see how the market unwinds itself.
You are absolutely right. It makes no sense to use historical charts on linear scale. Because moves from 10 to 20 and 100 to 120 are poles apart. The former is 100% gain whereas the later is only 20% gain. On linear scale both moves will have candles of equal length whereas the log scale will have a bigger candle for 100% move than a candle plotted with 20% move.
Richard Schabacker also suggested to use log scale on monthly and weekly charts in his book "Technical analysis and stock market profits". For charts of lower time frame it does not make major difference.