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Five waves are recession waves, and it is hard to say how much they can rise, but the cycle is likely to end next year, at the latest in the first quarter of 2026. The overall bull market cycle is about two years.

This round of bull market is generally a bit stuck.The bull market started in February this year, and it has been running for more than 60 trading days. At present, it is in the middle of the bull market, and the three-wave cycle has not yet been completed. At present, it is not going fast. You see that the 750-day moving average is still moving down, which shows that the longer-term trend has not yet risen, and there is still pressure on the upward trend. The most labor-saving thing is to oscillate upward.

In terms of the vertex space of Sanlang, it is difficult to be far away from 3674 points, which is around 4000 points at most.If big consumption and new energy really peak next year, basically the bull market in the market will be over.This round of bull market is generally a bit stuck.