A one-sided decline is never considered a difficult market; if it were one-sided, wouldn’t everyone just short?

So, what is a 'repayment market'? It is one that continuously gives you hope to go long while repeatedly stopping you out or trapping you. When you finally turn around and decide not to go long but to short instead, then there’s a big surge. When you chase the rise, oh no, there’s another wave of decline waiting.

The market constantly switches between different levels, without rules or reasons.

When most people have been stopped out and have lost their enthusiasm, and another large group has been trapped, with most of those trapped having cut their losses, only then does the difficult market approach its conclusion.

It is still impossible to confirm the size of this adjustment level, because the different levels are inherently nested within each other. Even with pre-set scripts, the main funds still have to ride the donkey and watch the play. They follow the market's reaction and choose the most cost-effective way to operate.