The structure of a bull market is like a 'Three-Body' world: consensus, expectations, and liquidity. - In the early stage of a bull market, consensus is fragile, expectations are almost nonexistent, but liquidity increases significantly. - In the mid-stage of a bull market, consensus gradually strengthens, expectations are amplified exponentially, and liquidity starts to overflow. - In the late stage of a bull market, consensus becomes almost manic, expectations spiral out of control, and liquidity flows out in large amounts. Most of the time, these three elements form a 'chaotic' world of mutual gravitational pull. Everything is in dynamic flux—survival of the fittest.