Interesting, suddenly realized a perspective I hadn’t noticed before Last cycle, 11.8 peaked at 69000, 6.13 hit the phase bottom at 17000, and 11.7 marked the official bear market bottom at 15500. So, from the peak to the first phase bottom, it was about 7 months. Comparing it to this bear market cycle, the first phase bottom would be around mid-May, and Q4 would be the timing for the bear market bottom. Looking back, 17000 and 15500 in the last cycle actually made no difference. Just wait and see.