On the market, emotion is the most real, everything else is false.

The market typically goes through four stages and six emotions. I think the market is currently in the third stage, and the emotion has entered the fourth.

The four stages are: Rebirth, Excitement, Euphoria, and Crash.

In the first stage, the market recovers from the weakness of a bear market.

In the second stage, the market warms up, and buying begins to increase.

In the third stage, prices start to rise, everyone is in high spirits, but the market is somewhat volatile, and people become hesitant.

In the fourth stage, the market becomes very fervent, speculators and large companies rush in, and a bubble begins to form.

These four stages correspond to six emotions:

First stage: Everyone feels the market will not rise.

Second stage: People think the market will continue to fall.

Third stage: Prices rise, but people are a bit reluctant to believe it.

Fourth stage: Prices rise to a point where people start to believe it.

Fifth stage: Prices stagnate, but people are not convinced it will rise.

Sixth stage: Everyone completely does not believe the market will fall.

A super bull market often comes like this: it starts from the despair of everyone, moves forward with doubt, rises to the point where people start to hesitate, and ultimately ends in frenzy.