The resistance in a bull market is profit-taking, while the resistance in a bear market is from the trapped positions.

In the context of quick rotations and frequent hot spots, most of those who are trapped have cut their losses when told to, and very few high-position trapped holders can hold on. The rally is a process of digesting profit-taking chips.

In a bear market, those making money run away quickly, while those trapped are waiting to exit, and any long-term consolidation at the bottom suddenly gives trapped holders an opportunity to exit. Then, when the main force clears the chips and accelerates with increased volume, that marks the starting point of a major upward wave.