The first pullback that the public can feel in a bull market is generally an opportunity for short-term buying, with a low probability of being trapped;

The rise in a bull market is a gradual opportunity for profit-taking, not a chance to short; this kind of profit-taking belongs to left-side profit-taking, and after taking profits, one must endure the anxiety of missing out;

I believe that the current sentiment peak has just been reached, but making a peak is a process, not a point; there are still many opportunities in this process, but the corresponding risks have also increased;

The technical peak is slowly emerging during the sentiment peak process, and it has not emerged yet;

As for the policy peak, I am not particularly professional, but I know that Trump has just approved the inclusion of cryptocurrencies in 401K plans, which is a long-term positive (similar to the approval of ETFs, after which funds will continuously flow in), and not the kind of positive news that turns into negative after implementation, but it does not have much impact on the short-term market.