203 days, still a bit too short... The essence of a bear market lies in the accumulation of negative sentiment, and recovery is a long process. No one knows how long it will take; we can only make projections based on various data. But in this bear market, the investor confidence index took just 203 days to climb from 'underwater' back to 'above water,' which is still a positive signal! Because it clearly shows us: when prices retested previous lows, the confidence index didn’t plunge into extreme negative territory like it did last time. This is a divergence between 'market sentiment' (quantified) and 'price action.' If we were to simply compare patterns, the data shape of this cycle is almost identical to the last one: the same rhythm of fluctuations, all following 1-2-3-4. Now we’re at 5, and just like before, 5 is lower than 3. So, I don’t think this is the starting point of a return to panic. On the contrary, it feels more like the darkness before the dawn... Of course, this is just my personal opinion. I’m not trying to convince anyone.