Market regime note

Wave public notes should describe how to read market conditions without exposing private positions or internal books.

Public inputs

• Recent desk aggregate direction.
• Volatility duration.
• Liquidity alignment across visible surfaces.
• Research catalog context.

What changes our mind

• A move is not only large, but persistent.
• Multiple surfaces diverge instead of confirming each other.
• Public data becomes stale and needs member-side evidence review.

Boundary

This note is not investment advice and does not describe BWL, customer, or bot positions. Member-only evidence belongs in the BWL data room.