The wave in the early morning from 70200 slightly retraced to 69600, which appears more like a technical correction after breaking through a key psychological level. From the candlestick pattern, a large bullish candle followed by small bearish candles on the daily chart indicates a healthy upward consolidation; meanwhile, on the 4-hour chart, the consecutive small bearish candles are gradually shortening, suggesting that the bearish momentum is waning. The current price is right at the upper end of the previous high-volume trading zone, coinciding with the 4-hour MA5 moving average, forming a short-term effective support. As long as it does not fall below the early morning low of 69400, the stepwise upward structure remains intact. From a technical indicator perspective, the MACD on the 4-hour chart remains high above the zero line, with the bullish volume bars slightly shrinking but not forming a death cross, indicating a normal pause during an uptrend. The KDJ indicator is turning downward near the overbought zone; once it re-crosses above the 50 midline, it often signals the start of a new rally. This combination of technical indicators suggests that the current market is merely digesting resistance rather than reversing trend. Overall, the hourly chart’s stepwise decline has not broken the previous wave’s starting point, maintaining a pattern of higher highs and higher lows. This slow decline typically consumes bearish strength, and buying support below remains solid. Therefore, the current pullback around 69600 should be the first retest after breaking through 70000. As long as it does not accelerate below 69400, the short-term correction is likely to end, and bulls will re-test 70000 or even higher levels.