Capital has never been about emotions or morality.

Capital has no humanity; it only follows the rules;
Capital does not discuss ideals; it only pursues profits;
Capital seeks to maximize gains and avoid harms; it will only flow in the direction of least resistance.

For this reason, from the perspective of capital game theory and long-term strategy, the conditions for a top are not present here.

The reason is simple:
Once a top is formed in the current region, it negates the strategic significance of breaking through 3731 points upward, which spans nearly 10 years of a super box. As a result, the time cost, capital cost, and market consensus previously invested will all be wasted, and capital naturally will not make such a "high-cost, low-return" choice.

More importantly, the movement of the index is never just market behavior; it also bears the weight of economic structural adjustments, industrial upgrades, and long-term confidence rebuilding. If a downward move is chosen at this critical point, not only will the capital path be blocked, but the macro narrative will also lose continuity, and the issue's level may even rise to the height of national destiny and cycle choices.

Therefore, logically speaking, if there is still an expectation of further upward movement next year, this must be a "accumulation zone," not a terminal point.

What the market truly needs is simply time and patience.
When you look back at this position someday next year, you will likely have a familiar feeling—
Just like when you looked back at 3400 points from the vantage point of 4000.

Don't forget, when the index was oscillating around 3400 points,
how many people were confidently saying "it will drop back to 3000" soon?