Interpretation of Wave Theory:
In the daily chart on May 14, 2025, combined with the structural principles of Elliott Wave Theory, the current blue main upward segment is approaching the previously set first target of 106080. Although it is only about 200 points away from the peak, observing the structural details shows that this is the final phase of the sub-level five-wave advance. It is normal for a short-term top divergence to occur and trigger a minor level correction. If this pullback does not drop below 97787, which is the endpoint of the previous blue second wave, the overall situation can be seen as a sub-wave adjustment within the blue third wave, after which the fifth wave is still expected to challenge 125000, especially under the premise of maintaining “breaking 99064 means strong” since April 7. The pullback phase shows a weak structure, presenting a typical pattern of “extended third wave + rapid correction.” The current key support is located at 99598; if not broken, the upward trend structure remains intact. The time window around May 19 may become a pivotal point where the end of the minor third wave coincides with the beginning of the major fifth wave, having significant time resonance meaning, and price and structural evolution around this time point should be closely monitored. Overall, the current structure leans towards the Fibonacci golden extension range; if the target for the fifth wave is 1.618 times the length of the first wave, then the endpoint target of 125000 has strong structural support.