Given the current situation, April is unlikely to be materially different. Conditions remain highly concerning, and from a trend perspective, there are still no clear signs of a reversal. Ultimately, the key question is whether the market will continue to move sideways while generating short-term upside fueling hope and expectations or transition directly into a downward move. In that context, a faster decline may actually be the more constructive outcome, both in terms of the magnitude of the drawdown and the psychological impact on market participants.(mignolet)