Leveraged funds are 96th percentile long the Australian dollar and 95th percentile long the yen, the most crowded since 2025, while the same funds are 6th percentile long the Russell 2000, the most crowded short since 2026 began. That is a carry hedge: long the funding currencies, short small caps. Five of six AC pillars read bearish, only markets is neutral, and sentiment's elevated count fell to six from seven. The FOMC is 34 days out; if the Russell short breaks, the yen and Aussie longs unwind next.