John has noted on Facebook that his "bands" are extremely constricted and that such a constricted band pattern is what typically happens before the market makes a big move.
Also of note on this 45-minute chart is the "Brexit" sell-off and the powerful post-Brexit rally, which featured an extraordinarily positive breadth measures. Those readings lead us to think that the continuation out of the Line pattern will be to the upside.
But, a look at the calendar confirms that yes, we are now entering August, a cruel month in recent years and one in which many major market tops have been put in place including the one in 1987.
I guess the conclusion I should come to is that I should be on since I don't know which direction the market is going to move out of this period of reduced .