SD R – I like to think of it as a ball bouncing down the steps.

This definitely looks to be a bit of a Summer dead-cat bounce, to be followed by the Holy Shit phase starting in Sept or Oct.

These numbers suggest Sept may hold pretty strong so I’m gonna say the HS phase may not start until Oct.

Of course we won’t see the data for Oct until Nov, so it’ll be a three more months before we can really say “Holy Shit.”