Recently, I’ve been busy with offline matters and haven’t updated market analysis for about 20 days. Since there’s movement in the market today, the technical analysis must keep up. Without further ado, let’s get straight to it.

From the daily chart, the 9.34 level has not yet stabilized; failing to break above it suggests that the correction may not be fully over. Don’t forget that the MACD fast and slow lines are still below the zero axis, so a true reversal is not yet in sight. It might still be a dead cat bounce. On the daily chart, 9.34 serves as the correction zone above, and 8.47 as the rebound support below. Currently, it’s still in a range-bound situation. Once it breaks above 9.34, the next targets are 9.57 and the 100,000 integer level, at which point the Spring Festival market pattern will truly take shape.

Switching to the 4-hour chart. I’ve emphasized repeatedly that if the price hasn’t broken out of the range, trade within the range. Now that it has broken down, 9.04 below becomes the entry point for a rebound. As long as it doesn’t fall back to this level, the small-scale rebound can continue. Looking upward, the daily chart’s 9.24 and 9.34 are the main correction resistance levels; these two levels are basically good for shorting without overthinking. After breaking through, the next targets are 9.57 and 10,000, and the upper and lower levels are set accordingly.

For short-term intraday trading, the range from 9.04 to 8.96 is suitable for catching rebounds, while the area from 9.24 to 9.34 is a good place to short. If the rhythm is well managed, this market movement will have a clear rhythm.