Right now, three powerful forces are converging in the market, pushing down on it simultaneously.

Imagine a car that is already going uphill (bear market), a strong headwind is blowing against it (outflow from ETFs), and ahead — icy conditions (seasonal sales).

1. 🔄 Cyclicality (Bear phase)

The market always moves in cycles: growth (bull market) -> peak -> decline (bear market) -> bottom.

What is happening now: We have passed the peak. The market is in a decline phase. In this phase, buyers are weaker than sellers, and every small recovery (like the recent bounce) often turns out to be a "dead cat bounce" — a false signal before a new drop.