The current adjustment pressure mainly comes from external factors. First, U.S. inflation pressure—if CPI rises, rate cut expectations will disappear, the dollar index will go up, and prices of international commodities and gold will drop. Second, the Iran issue—although it has desensitized, if war breaks out again, there will still be short-term impacts. Third, SpaceX is going public on Nasdaq on 6/12 with a valuation of $1.75 trillion, which will drain market liquidity. Fourth, the World Cup kicks off from 6/12 to 7/20, and funds will flow back to bet on the champion . So, it’s better to stay cautious in the second half of May, manage your positions wisely, and stay flexible!