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This month is painful but not really unusual, it is a replay of last August 2016 and old habits die hard - looking at the monthly chart  and comparing the percentage difference between the July and August closes.

2016  -21.3%
2017 - 21.2%

The worst case I can find in the last 5 years is May 2015 where the fall was -27.5%.  In 2016 June, July and August were all down months. So far we only have 2 down months in July and August. It feels like the end of the world but it isn't, it is a replay of last year. This stuff happens because history often repeats and a lot of people are throwing the baby out with the bathwater.

I can't see anything but a big improvement in the fundamentals since this time last year. There has been some cagey buying for weeks now whilst simultaneously pressuring sentiment. My guess is an insto or two have looked at last year, rubbed their hands together, waited for the 4C and set out to sucker a whole bunch of people and so far have done a great job. Note that the volume is basically normal for the month, this is no big capitulation move.

Monthly COB August 25th