Bitcoin`s $75k violation argues liquidity, key to risk asset continued outperformance, is leakingfrom the system. Longer-term we are bullish on A.I., its deflationary effects, a resolution to the Iran War but near-term it`s hard toignore this leading risk-off signal. R2000 fifth wave extension off the Apr `25 Liberation Day low argues for higher downside correction targets retesting Jan `26 high near 2720 and 2555 near rising 200 DMA.