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Phasing Analysis

Long Term

Components greater than and including the 18 month nominal cycle.

Medium Term

Components less than and including the 18 month nominal cycle.

Short Term

Components around the 80 day nominal cycle.

Summary

In our last report on Ethereum weakness from the 20 week low was noted, in line with other cryptocurrency and a warning that we should sit up an pay attention to an apparently shifting underlying trend:

There is no change to the overall phasing analysis but a downgrade of target is required due to the lacklustre move from this first 20 day component as phased.