Figure 1: First, from the weekly line, when it was around 25,000, it reminded us of the vertical supply column pressure position of 24,300. At that time, the weekly line had not been closed yet, and it looked very strong. However, when the line was closed, it was recovered below this pressure level. This is a later story, but the reason why it is still necessary to mention it is that before the line is closed, the corresponding level of pressure should not be directly ignored. Then let's look at the most recent vertical demand support level of 21,770. Although this position was broken in the daily line at that time, it was closed again after the line was closed. This is why the corresponding level of support and pressure should not be ignored before the line is closed. The recovery or fall of a single K-line after closing indicates the corresponding strong or weak price behavior, which is more important.

Figure 2: Daily level: After it stabilized at 20400, I reminded you that it might move into wave B, but to be honest, I didn’t see it could pull that much later. I thought there might be a short opportunity with a good profit and loss ratio after the double top and the pullback to the neckline, but at a small level, there was no weak price behavior near 21400, and it has been consolidating below the neckline, which made me think that this might be a trap for shorts, so I gave up the idea of ​​taking back the short position, and it’s a good thing I gave up, otherwise this wave of rise would probably not be able to stop the pullback.

Figure 3: 1h is actually a simplification. Pay attention to the true and false breakthrough of the previous high of 25200. In addition, if you want to maintain strength, the position of 24040 must be able to hold. If it falls to this position at a small level and cannot be pulled back, it may be a good right-side entry position. I will not intervene in long orders here. Either the daily line breaks through 25200 and the opening and closing are above this price, or I will find an opportunity to intervene at a small level after the pullback.

Figure 4: In addition, the 5 waves mentioned earlier may evolve into this.