I tend to think it hasn’t failed. In fact, after collective greed, the market does pull back, and after collective fear, there’s indeed a rebound. The key issue lies in the trend—the bigger the trend, the stronger the emotional inertia. During an uptrend, it takes heavy FOMO for a pullback; during a downtrend, it takes intense fear for a rebound. You can look at the crypto market from a few years ago and AI stocks over the past year or so as examples. After the BOME speedrun in the crypto space, there hasn’t been such an overall upward trend, especially last year. But during the earlier downtrend, rebounds only happened when fear was extreme. (Though I think the indicator is pretty simple ➤ Boss Yi’s “drive the tiger to swallow the wolf” strategy ended it.)