Last Tuesday, the market "rebounded" due to a piece of news, and the market reached a high of around 28,200. In the next day's morning report, we conducted a real-time analysis of the market and clearly reminded people not to chase long positions. Rebounds during the adjustment cycle are all bearish opportunities, and we also gave an estimated rebound space pressure level, and roughly judged that this might be a rebound B wave market.
After rebounding to 28,200 on Tuesday, the market has stagnated. Although we still hope that the rebound can continue to a certain extent and can test 28,000-28,500 again to signal a high point, unfortunately the market "dropped" again at night.
From the 2H level, the market has gone through a gate-drawing market, and the rebound on Tuesday has been fully recovered, so it can be judged that the current B-wave rebound may have ended, and the next step may be a three-wave decline.
Since the three waves are still in their early stages and the time is relatively short, they cannot be completed all at once, so there may still be fluctuations in the short term. We expect it to be a fluctuating downward trend, and the amplitude may be slightly wider. The three-wave adjustment cycle is about 2-3 weeks.
The market fluctuated at a low level over the weekend. During the fluctuation, some currencies showed low point signals, mainly concentrated in the 4-6H cycle. Judging from the monitored currencies, it is a resonance of the low points of multiple currencies in the same period, which means that this should be a stop point in the short term.
However, I only recommend a light-handed bullish position or wait-and-see approach. I prefer to wait and see.
There are two reasons. First, we are currently in the early stage of the three-wave decline, not the end of the adjustment period, so there will be more adjustments later, and the position is relatively worse. Second, this is where the large-cycle trend turns bearish, and there is limited room for upward rebound. The upper pressure levels of 26,300 and 27,000 are both strong pressure levels.
Therefore, although there is a resonance of low points, from a short-term perspective, it is not the end of the wave and the profit space is limited. If it continues to fluctuate and move towards 26,300 in the near future, it may continue the rebound. We will track and analyze the details in the next daily report.