Markdown phase is over. We are in the accumulation phase (either schematic #1 as depicted above or schematic #2). Secondary test (ST) has been confirmed. If downswings within the trading range gradually diminish from here, we should start a phase C.
I actually tend to think it’s going to be a schematic #2 and that we won’t have a shakeout because there are too many participants waiting to get in. There is a lot of institutional money lining up and making OTC deals at the moment. We will find out once they start actively participating in this market.
Also, things are moving much faster than I expected, phase C could be as soon as June-July.