Need to balance these two charts… The crowd (retail investors, 401(k) allocators, and traditional long-only benchmarked asset managers) poured money into tech products over a month-long window and drew down pretty hard in the process while active institutional capital (hedge funds) took profit (& Leopold + copycats got liquidated) and dumped individual tech stocks right into the crescendo of that flow. What if active institutional capital was purposely selling *alongside Situational Awareness* to deal the final blow to Leopold et. al before closeting their shorts and buying his liquidations? It’s Ken after all… This would exacerbate the metric Elian’s is quoting and reduce the “bottom signal”… what if Citadel et. al is already liquidating those bottom buys. From here, you need to pay pretty close attention to the price action as we already saw a 5% bounce on QQQ in less than 48 hours, Bear market rally? Or do dip buyers win in the end? TBD, all I know is it is definitely nuanced.