When things are still unclear, let's talk about the recent situation from various aspects.

From a technical perspective, there is a slight trend deterioration. The term "slight" is used instead of "already" because if there is a rebound within a week or two, it can be seen as volatility. This also corresponds to the initial mention of ambiguity, as the price and the market itself do not receive favorable information.

Emotionally, some of the excitement that surged to new highs in the past two weeks has faded, which everyone is probably used to this year. Indicators like the long-short ratio have limited significance now, only indicating that many retail investors are still holding long positions.

The peripheral market is definitely worth a look; the major currencies are still playing within the framework of the outside market. The valuations of the U.S. stock market, for instance, are relatively high, indicating that they aren't rising but the economy hasn't deteriorated, and they aren't falling either.

So in the end, it's just simple macro. This can also be considered as something everyone is waiting for in unison. The drop today is also related to the rising inflation expectations and the suppression of interest rate cut expectations.

So overall, there are actually two paths: either no interest rate cuts or cuts that are relatively slow, in which case the market will remain stuck here, fluctuating mainly. Even if there is a breakout, it will be limited, until time gives way to space. Or there will be an interest rate cut that accelerates a wave, and then the macroeconomic environment will be in a funeral pyre situation with prices also being in a funeral pyre.

So overall, either there is no rise and it fluctuates, or it rises. In any case, I won't short. One of the biggest lessons this year is that fluctuations can be very severe, so it requires lowering expectations and leverage. For example, thinking that a 10% increase before the end of the year would be fine, that way the spot would be enough, it would be safer.