Price is only part of the equation... positioning is the rest. Every week, the COT report exposes the real battlefield behind the charts - who’s committing capital, who’s hedging risk, and who’s clinging to trades that stopped working months ago. It’s not noise... it’s alignment. And this week, that alignment is fractured. Dealers are still providing risk... asset managers are quietly reinforcing their longs... but leveraged funds? They’re still caught deep in a one-sided short... and the pressure isn’t easing. These aren’t small shifts. This is the kind of imbalance that builds quietly... until it doesn’t.