Bullish catalysts for a new rally starting in late April or early May. - M2 pumping (lag period suggest this is when risk assets catch up) - resolution of war in Ukraine - resolution of much of the trade war BS - Fed cuts in May - Altcoin ETFs late April - ISM still looking good - inflation falling Risks - failure to resolve macro issues - we are in the 17% of the time when we do not correlate to M2 - Recession happens - Equity bear market sours risk appetite - Something blows up like credit spreads