The Rise and Fall: After the "Great Heat" in all assets, how cold will the winter be? Everyone, stop dreaming of a "super cycle" anymore. Dow Theory tells us: trends are always destroyed in madness. This round of bear market may be colder than anyone imagines. Why? Because this time, it's not just Bitcoin heating up, but global assets collectively "running naked." #BTC ：三年8倍，涨幅不可谓不大～• 纳指：从1万点杀到2.6万点，那是靠货币超发堆出来的虚火～• # NVDA: Market cap breaks 5 trillion, although AI is the future, Elliott Wave reminds us that no matter how fierce the fifth wave surge, the ABC wave phase clearing is never absent. • Gold/Silver/A-shares: Even the most stable gold and the least favored A-shares have experienced a wave of "summer heat" harvesting. Gann Theory emphasizes the balance of cycles. When all assets are at high levels, like noon in the hottest days, what awaits us next can only be a "bone-chilling cold." This is not scare tactics, but a macro-level cooling law. Current strategy: Don't rush to short and gamble for a quick win, but definitely set up mental barriers. True clearing often accompanies liquidity exhaustion.