The bull run is still ongoing - but a pullback is inevitable.

Three clearly defined top signals have appeared on the chart historically:
1. Leading indicators (quarterly) - the next signal is expected to appear in November 2025.
2. The weekly RSI shows signs of fatigue - a bearish divergence has already formed.
3. Short-term yield rates plummet - preliminary signs have already begun to emerge.
Key point: This does not mean that the top has already appeared. On the contrary, historical cycles indicate that after such signals, the market usually has one last surge.
In this "final leg", the Dow Jones Index has currently risen by 24%. In comparison, the previous rounds of final surges brought increases of 30% to 54%.
Therefore, I remain bullish on the fourth quarter.
But we must be clear: the pullback will eventually come. The recession will eventually come. The only question is, how much energy can the market extract in this final stage.
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