The group of people who were still squatting under the top point yesterday waiting for a double-up, today can’t even lift their heads because they’re being pressed down by the moving averages. All that little unrealized profit they had is handed back to the market. The momentum of this spike-and-rally—$ZEN —has already completely drained. In the short term, the moving average has broken; in the medium term, the moving average is still pressing down. Momentum is sinking deeper and deeper in the pullback zone, and even a decent rebound can’t be squeezed out. This time I’m going short—I’m short and I’m clear about it, no ambiguity. On the contract side, the fee rate has flipped negative, and the futures-spot spread is also inverted. Sell orders from the passive side are pressing against buy orders; the bulls are still standing in the front row, forcing themselves to play the tough guy with their chests out. As for how far this pullback will go, they’ll have to stay there and go all the way with it—no fewer than even a single candle.