Are you still waiting for a rebound? Sorry, the main players can't even be bothered to look at the bears.

This wave, from 2600 to 2450, a full 150 points of gradual decline, wasn't dumped all at once, but ground down layer by layer.

The yellow-green highlighted area seen in the chart represents those long positions that 'refused to cut losses'—they thought this was support, but ended up being a human stop-loss zone.

Since last night, a large number of longs have congregated in the 2550–2580 range, with high trading volume and strong liquidation intensity, the heat map is stacked layer by layer like being dyed.

This is the rhythm that the manipulators love the most—first let you catch your breath, then let you die slowly. Why? Because it makes it hard for you to leave.

Liquidation doesn't care about reason; it doesn't fear your losses; it fears your inaction.

So it first lets you see hope, then personally snuffs out that hope.

And the truly scary part is: after clearing out all the longs, the market still hasn't shown a significant rebound.

What does this mean? The market hasn't been cleaned up yet.

In other words, if you are still fantasizing about bottom fishing for a short-term profit, you are the next contributor to liquidity.

The current candlestick chart isn't a technical chart; it's a slaughter chart for positions.

Don't ask where the support is; there is no 'support' on the liquidation chart, only 'where the next cut is'.

The mistake of retail investors isn't misjudging the direction but thinking they can hold out until the end.