I was just thinking this.
Looking at the chart of the last bull run compared to the previous, you have to ask “what happened to the blow off top?”
The answer seemed to be at the time “the market is maturing” but I think you’re right, the real answer is “Wall Street was behind the curtain playing absolute hardball to suppress the price to secure their bags”
This next cycle might feel like two at once because the beach ball is going to be released on Wednesday