From an emotional perspective, what the market currently lacks is not panic, but patience.

When assessing whether the market has bottomed out, sentiment is usually more honest than price. The biggest characteristic of the current market is not a sharp decline, but a “chronic torment”: weak rebounds, ineffective positive news, expanding negative news. Both bulls and bears in the community appear exhausted, trading volume continues to shrink, and many choose to “not look at all.” Based on historical experience, the true bottom usually occurs during this “no one wants to trade” phase, rather than amid frantic screams of panic.

However, a bottom in sentiment does not mean prices will immediately rebound. It’s more like “sentiment has bottomed out first, while prices are lingering at low levels.” Capital has not yet flowed back on a large scale; main funds are mostly testing the waters with tentative positions rather than launching a full-scale attack. Therefore, this stage is suitable for gradual deployment rather than putting everything on the line.

The conclusion is: the market may already be close to the emotional bottom, but it is still a process of “buying time to gain space.” The real opportunity belongs to those who can endure sideways movement, rather than those betting on a big rally. #市场触底了吗？