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Cycle pressures are building toward short-term peak windows beginning in xxxxxxx xxxxx. Yet the long-term cycle structure has turned bullish. The setup reflects tension between short-term signs of an approaching top, and long-term indications of higher prices. Resolution of the outlook should be clarified in conjunction with the liquidity cliff expected in xxxxxxx xxxxxx, covered in the Macro Liquidity reports. This report describes what to look for on the technical front.
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