The essence of the economic cycle is the dollar tidal cycle. The average cycle lasts 4.5 to 5 years. 2.5 years of rising phase (Kitchin expansion) 2 years of falling phase (Kitchin contraction) From Q1 2023 to now, we are immersed in the rising phase. The falling phase may be approaching. Typical characteristics near the peak: 1️⃣ High-frequency wide fluctuations 2️⃣ Chaotic macro data 3️⃣ Obvious increase in trading volume 4️⃣ Public sentiment at a new high Strategy: Liquidity first, yield second, low tolerance for errors, prevent drawdowns, and preserve the gains!