"Caution is warranted because today is when the Gann Panic Window opens -- counting from the May 20th high.
This is a period of around 49 calendar days from high.
This is when the crash in 1929 began. Ditto 1987.
Many other waterfall declines of lesser magnitude followed this pattern.
There is an old saw that the market usually (not always) gives a graceful exit.
Our idealized cycle peak was April 27th.
I think the nominal new high into May 20th was likely that graceful exit."