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History has reversed course 20 times; this time I’ve prepared my small bench and am watching closely to see if it’s the peak or the trough.
Last time, it marked the local bottom at 59K. Let's see whether it marks a local top or bottom this time around.
We still have a few weeks to watch the narrative develop, but it's worth paying attention to.
Historically, we've seen an inverse move around this period 20/20 times. Whether that trend continues remains to be seen, but it's definitely worth observing.