Common four stages of market cycles: accumulation, advance, distribution, and decline. The difficulty is that while you’re in the middle of it, no one can accurately press the “confirm” button. A price making new highs doesn’t necessarily mean it will rise forever, and a pullback doesn’t necessarily mean the cycle is over.

Educate yourself with an approach: observe whether the trend, trading volume, macro liquidity, and market sentiment mutually confirm each other, and keep cash and an exit plan ready for opposite moves. Cycle judgment can only increase the probability—it cannot replace position/risk control.