The pullback in the second phase of AI happened way faster than in the first phase, probably 'thanks to' the high leverage in the second phase. From a trend perspective, I think this pullback isn’t over yet, and it’s not time to position for the third phase. In the short term, it seems like we’re approaching another spot for a rebound play, but this time it feels risky. A slight misstep could get you stuck, or entering at a slightly off position might mean only catching a small part of the rebound—or even taking a loss.