We are witnessing a rolling sell-off. It started with the riskiest assets and is moving down the line: 1. Altcoins bled out first. 2. Bitcoin is now bleeding. 3. The Stock Market (S&P 500) appears to be in a topping process. 4. Metals will likely be the last to feel the pressure. In a late business cycle, there is no "rotation" to higher risk. There is only a slow bleed from high-risk to low-risk as investors realize that many of these assets won't survive a full-blown recession.(Ali Charts)