Ray Dalio said, we are at a similar time as 1929. Both times were the end of Bull Markets in Bonds. People who bought the Dip using Margin probably panic sell when it reverses(exactly what happened in 1929 crash). Margin debt it's at all-time highs (Also pull all the Central Banks Balance sheets, it will look exactly like our stock Market). Coincidence?
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Market topped I think. Confirmed Negative Divergence. December low came right after positive divergence confirmed.