Recently, there has been an interesting phenomenon—everyone has already assumed that this is a bull market. The real disagreement is not whether it's a bull or not, but rather which stage of the bull market we are currently in, and how much room there is for further growth. This shift in mindset really explains a lot.

When the index broke through the 4000 mark, the doubts indeed decreased significantly. But what if it then breaks through 4500, or even surges toward 5000? By then, even questions like "How high can this rally go" might disappear. What will replace them? People will start to overtrust their trading abilities, believing that making money is an easy feat.

This is actually the evolutionary pattern of market psychology—from doubt → recognition → confidence → overconfidence. Each stage has its own signs. We might still be oscillating between the second and third stages now, but once the numbers look even better, the speed at which psychological defenses are broken often surpasses the actual price increase.