$ETH Thoughts:
The recent rebound of 'Er Bing' may come to a temporary halt, and 'Er Bing' will once again bear the shame that everyone despises.
Why do I say that this wave of increase for 'Er Bing' will temporarily come to an end? Because 'Er Bing' is like building a house without a solid foundation, starting to build directly on the ground. How can it be sturdy?
A strong wind can knock it down. Everyone, go take a look at the daily chart of 'Er Bing.' Can one pillar support a stage? A pullback would be better.
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Talk through the chart: The yellow arrow on the 4-hour chart for 'Er Bing' points to a bullish candle that has already been engulfed by a small bearish candle, and the closing price has settled below the opening price of this bullish candle.
This bullish candle ultimately could not escape the fate of being engulfed. Since it cannot resist, let's enjoy the fun of the pullback!
For 'Er Bing,' breaking through 2555 with volume can only lead to short-term buying; today all long positions can only be short-term. 2518 breaking down with volume indicates a right-side short.
Pay attention to changes in volume and set good stop losses.
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If 'Er Bing' can rise above 2567 at the hourly level, we can look for a rise towards 2622-2657; otherwise, there won’t be any upward movement.
At the 4-hour level, breaking below 2514 and closing below 2514 indicates that the trumpet for a pullback has been blown, looking downward towards 2451-2395.
Continuing to look at the chart: The Fibonacci 1:1 pullback target for 'Er Bing' at the hourly level is 2402, with a deeper pullback target at 2194.
If it reaches these levels, you shouldn’t be too surprised,
These are all reasonable pullbacks, and there is no need to panic; everything is still under control.
Tonight at 8:30, there are three data points to be released: unemployment claims data, April retail sales month-on-month rate, and PPI data.
The last hope of the bulls is entirely pinned on the data; if the data is released poorly, the bulls will have no hope left, and the meeting will be adjourned.