The longer this period lasts, the greater the eventual shock is likely to be. The reason is simple the dominant market participants are giving investors renewed confidence and encouraging them to commit more capital. As I've continued to point out, from last year through this year, highly sophisticated signals have repeatedly appeared at major turning points signals capable of reinforcing investors' conviction. In practice, many retail investors have interpreted them as strong bullish confirmations. The fact that the same deception continues to work is not a coincidence. It succeeds because it effectively exploits both human psychology and the structural characteristics of financial markets. What's more, while short-term price volatility remains relatively muted, long-term technical indicators and on-chain data continue to provide reasons for optimism. At the same time, the market repeatedly produces clear short-term signals that reinforce the belief that prices are about to move higher. I'm fully aware of these signals. I understand them very clearly. However, there is one point that should never be overlooked. The dominant market participants understand better than anyone that retail investors will interpret these signals as reasons for optimism and conviction. That is the premise from which any interpretation of the market should begin.(mignolet)