Long-term trend

Yesterday was the second day after a significant decline on the daily chart, and as the daily chart approached the closing, if a inverted hammer can be formed, then the combination of the previous candlesticks will form a large spiral propeller pattern with a amplitude of about 5%, expressing a very strong struggle between bulls and bears. This also fully confirms our continuous reminders in the previous videos, that both long and short positions should continue to maintain a wait-and-see attitude, avoiding frequent payment of trading fees and the wear and tear on positions caused by frequent long and short turnovers.

Medium-term trend

After a day of consolidation, the price has unsurprisingly continued to trade sideways around the range we set in yesterday's video, which fully aligns with our expectations for the future market and our speculation on the intentions of the bears. It is worth noting that the upper resistance may be adjusted to around 40550, and the lower support may be adjusted to around 38500. Moreover, at present, with the passage of time, the resistance at 40550 will become increasingly significant. If the bulls cannot break through this resistance quickly and test the bull-bear line at 41130, the risk of breaking through the support in the future will become higher.

Short-term trend

On the small time frame, the seemingly chaotic trend has actually completed two bearish shark patterns, both of which have reached decent profit-taking targets. Students familiar with harmonic trading should be clear that in oscillating trends, harmonics are excellent trading techniques. I also saw some students attempting to draw the harmonic pattern on the market at that time, which completely matches the logic of my short-term operations in yesterday's video and is still applicable today. However, it must be said that the short-term trend in the past two days is still full of risks. In such a market, it is more suitable to wait for a clear and definite structure to form before taking action, reducing risks first and then seeking profits is the most correct thing for beginners to do.

Patience is the first digit of the wealth code, welcome to join the Rabbit community.

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