Building on last month's analysis, the bullish main force has not been able to increase holdings over the past month(Figure 1). Considering that the price has not fallen, it’s probably just like this. The upward levels are roughly equal to September 2024 and April 2025(Figure 2). This wave of new highs is still not a big problem. The slow bull market structure is enormous, causing it to take a very, very long time, spanning over three years.

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