Has the bull run really ended?

Many people are still waiting for the next wave of a bull run, but my view is a bit different. Just by looking at the market, it's clear that the main players have been offloading during this time, and the signs of chip distribution are too obvious. Since the large funds have chosen to exit, this round of the market is basically at its end.

Of course, the end of the bull run ≠ no rebound. A short-term technical rebound is still possible, but don't mistake a rebound for a reversal. Market sentiment is still stuck in the fantasy of "it will rise again," which is precisely the most dangerous time.