Nothing has changed. I am still maintaining a consistent outlook on the market. Unlike February, I view March as a period where reasons for price increases are established and bullish narratives build up market expectations. Following this flow, I believed a short-term rally was highly probable, and that is exactly what we are seeing play out. However, I have consistently stated that rather than an immediate reversal to the downside, the market is more likely to push expectations to the limit stimulating investor psychology to make a massive breakout seem imminent before ultimately leading to a sharp drop. In my view, we are currently right in the middle of that process. It is nothing more, and nothing less. This is not the time to judge price action from a trend-perspective. I am simply observing the intensity of this "trap." That is, whether it will unfold at a relatively moderate level or take a more extreme form. And I believe that the more extreme this intensity becomes, the faster and more decisive the subsequent price drop is likely to be.(mignolet)