The recent market trend has basically met expectations and has completed a clear downward structure. Let's see how to operate reasonably at this stage.

If you previously established a long-term short position at a high level, the current approach is very clear—hold on, but set a trailing stop or take partial profits to focus on defense. This way, risk is controllable, and you won't close the position too early.

If you haven't entered yet, frankly, now is no longer a good time to go long. The best entry window has been missed, and forcing an entry now makes it difficult to set a stop-loss point, significantly increasing the risk.

Therefore, at this stage, only a short-term short strategy should be considered, and you must wait for a rebound to a relatively high level before acting.

Regarding the defensive position, the reference point I can give is 93,500. How did this number come about? The highest point of the previous volume-increasing bearish candle was 92,700. Moving the defensive point slightly up to 93,500 would be safer overall. Of course, the specific entry price depends on your leverage multiple and trading system.

From the daily chart perspective, the correction has basically ended, and the bearish trend has officially started. This structure is already very clear.