Those still holding onto the four-year cycle theory have most likely already exited the market in this round from October to December. To be honest, the market trend from 2026 onwards may no longer be dominated by cycle theory believers, but will entirely depend on macroeconomic conditions and institutional investors' judgments.

Looking at it from another perspective, the gradual failure of the four-year cycle theory may not necessarily be a bad thing. Traditional long-term investors can no longer catch the "buy the dip every four years" opportunity, but this precisely means that the market pace has accelerated and risks are more dispersed. Bull and bear markets can switch at any time, and investment opportunities have become more diverse—no longer needing to wait four years passively, but requiring a more敏感 market intuition.