With all due respect, why are we supposed to repeat prior flat mo for mo?
So far, at a macro level, it matches almost exactly. Dont ask me why, I just work here.
Everyone expected a plunge in January because it would be the same as in 2015, but it happened in December instead, so not really almost exactly.
I grant you that there is some similarity so far, but IMHO, this would go away soon.
It could very well have moved ahead by whales anticipating it and not wanting to risk shorting too late.