Golden Week initially moved out of a typical weak trend. After the daily chart formed a dark cloud cover, the rebound momentum continued to weaken. You will find that each upward surge is like a tiger's head and a snake's tail—bulls simply cannot organize an effective offensive. The entire trend is pressed within a downward channel, repeatedly attempting to break through but failing multiple times.

Looking at the hourly chart makes it even clearer—lows are continuously making new lows, and rebound highs are also trending lower. Early in the session, it surged to 4355 but quickly turned around; the upward momentum showed no signs of continuation. Although there was a gap up, that momentum was simply not enough, and the pressure to fill the gap remains.

Once the gap is filled and there is no follow-up volume? That becomes dangerous. If the 4300 level is broken, the next target is most likely the previous low at 4273. The bears currently hold the advantage, and the correction may not be over yet.

Trading still requires a plan—don't let the market lead you by the nose. In this current situation, the bears have a clear advantage, and how it develops next depends on paying close attention to those key levels.