Bull Market Characteristics:

• First 8 months: Slow oscillation, consolidation adjustments, gradual capital allocation.

• Last 2 months: Rapid surge, market sentiment explodes, forming the main upward wave.

• Last 2 months: Frenzied topping, sentiment reaches a peak, but risks also intensify.

Current Assessment:

• The bull market started in October 2023 and is currently in the mid-stage consolidation period; the real explosion has yet to come.

• According to historical rhythms, the explosion period is expected between February and May 2024, with the main upward wave completing most of its gains in just a few months.

• The entire bull market may end around July 2025, after which it will enter a bear market.