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Changed since their last video: cycle flipped up to down.

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• This cycle (next 6–18 months): Leans down (timeframe is our reading): And we've been talking about the the for a while, how this looks like a distribution phase, even if we bounce back up to a slightly higher high, like it's still a distribution phase, I think. ▶ 19:09 Said again while their call of 6 Oct 2025 was open, so it counts once; that call was right: 123.5k when said, 85.8k on 6 Oct 2026 (−30.5%).

Their own position: Not said.

Dates named

• Nonfarm payrolls came in at -92,000 on 6 Mar 2026: So, the first thing to note today is that we got nonfarm payrolls in, and they came in negative 92,000.