The fear and greed index has reached 22, with the indices for 519 and 312 being 15 and 18, respectively. Based on this reference, if there is another wave of market movement as a guard, it could happen soon. If we consider the four-year cycle, this could either end or not end! First, let's discuss the conclusion of not ending. If there were no trade war, it might have gone up long ago, but saying 'if' is clearly meaningless since it has already happened. So now, interest rate cuts, the four-year cycle, and these influences are no match for Trump's June actions! As for whether historical trade wars are reference points, one could say yes or no, as the environment of each event segment and various real-time feedbacks are different! The trade war from January 2018 lasted until December 2019 before it began to resolve. In 2020, both sides signed the first phase of the trade agreement, promising to import an additional $200 billion worth of American goods, while the U.S. suspended some new tariffs. This time, the pace is faster, including the recent mention of rare earths, and China's response has been quite mild, giving Trump a way out. So there's no need to pay attention to other emotions; just focus on Trump. As always, bold imagination and cautious operation!