From the perspective of the Chande Theory, the momentum of this wave of decline has exhausted. Compared to the volume of the segment that fell from 108000 into the central area, the current round of decline lacks sufficient volume, making it difficult to break away from the central area.

Overnight, a bottom was formed near 91200, which is the last attempt to go long, with a target around 96000, the middle position of the central area.

The liquidity for going long at the current position has been completely plundered. The cost-effectiveness of going long is relatively high, and the exchange between greed and panic happens in an instant.

Operational advice: Currently, the smaller time frames have stopped declining and are forming a bullish structure. Enter a long position if the 4-hour level stabilizes at 93000. Set a stop-loss if it falls below the previous low, with a target around 96000.