It’s been several days since the last update—not because I’m lazy, but because there really isn’t anything worth writing. I’ve drawn this chart for the third time. On the chart, the bears are neatly lined up in order, and the trading volume is painfully low. In normal conditions, the grind lower would still drag on and stay weak for a long time; after a sharp drop, there may be a small rebound. For things to really turn around, you’d need the setup to form at position 1 (after the moving averages converge, they open upward).