You might say this is the top, but without discussing the power of the long cycle, just looking at the daily chart is also wrong. What's wrong? It has fallen too much. If this is the top, it should either maintain fluctuations above 100,000 for a few weeks, or you would need a direct big bearish candle to penetrate 85,000 for it to be possible. So, the market situation is complicated, too complicated.

The worst main upward wave, I give up. The daily line, 3-day line, weekly line, and December monthly line all look terrible. From the daily perspective, it is currently undergoing a major correction, but at this position, this major correction is truly frustrating. The pattern is completely ruined, and there is no indication of a FOMO sentiment at the 108,000 position. Usually, at the peak of a stage, there will be a FOMO situation, specifically manifested as a large fluctuation in the daily line with a doji star. This time, it slowly climbed up and directly pierced through 98,500 to 99,500, which seems to indicate that the buying power is severely insufficient, and there are too many sellers. When buyers pause, it simply cannot hold. The range from 98,500 to 99,500 is crucial support to maintain the upward trend. Generally speaking, the main upward wave is a process of continuously raising the bottom. Once it goes up to a platform, it usually won't return to the previous platform. Here, after officially going up, it has directly pierced back to the previous platform, significantly increasing the short-term risk.

Only those acquired from the low position can be held for continued observation. It's fundamentally impossible to enter the trend; there’s no thought of speculation. The uncertainty is huge, and to speculate, one must set a stop-loss below 85,000, as the risk is too great.

In the absence of black swans, 85,000 is the last tolerable position. If you have bought from a low position, as long as it doesn't break 85,000, you can hold it. If it breaks, it’s best to at least reduce your position and continue to observe, preferably until next week.