In the absence of liquidity, the market can only move in one direction. Currently, it's in the top-finding and empty phase. Once it truly reverses, it will be like the previous two times—a straight waterfall decline.



Finding the top is very tricky, so it's essential to diversify your positions and keep your main holdings relatively low. Funds with extremely low liquidity can only support a one-time large-scale counterattack against the bears. Before this counterattack ends, the market is likely to move upward in a single direction, luring in long positions and repeating the false narrative of a bull market.

Whether a bull market has arrived depends on macroeconomic factors, not just candlestick patterns.
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