We have to remember that a lot of people are sitting on big losses dating back to late 2017. There was a lot of new money coming in then, and so I think we'll experience substantial resistance when they come back into profit. With this in mind, I don't think anything will hit a new ATH anytime soon. As soon as it gets towards that figure, people will be selling just to break even. Plus there will be people who are understandably nervous of everything collapsing again, as it did in early 2018. I expect we'll see slower and more modest rises in the next bull market... which really is better and more sustainable for the longer term.