The current market situation is very similar to the consolidation period between 1720 and 1850. Right now, it's a gamble on whether we'll break through or break down.
The recent pullback hit a low near 2380, with recent spikes dipping to around 2430, and yesterday's correction saw a low of 2450 without breaking below that. In fact, the bottom has been consistently rising. The highest level in the range is around 2880. If we reference the range of 1850 to 1710 (even though the levels differ), the reference points for the range have already emerged.
Currently, the position around 2850 is considered low, but when looking at the previous low of 2380, it doesn't seem too low. It's also possible that before breaking 2850, we might see another deep consolidation. (When we broke 1850 previously, we still dipped to around 1750 once.) If I choose a direction, I still lean towards going long. It feels so difficult to drop back to around 2100...
The market has been exhausting these past few days; the more exhausting it is, the more it tests human nature. The overall direction will always emerge, whether it’s the bears from the high-level structure or the bulls from the bottom-level structure; both are enduring a lot of tension.
For those without positions, let's wait together. If we pull back again, I will definitely enter with a stop loss and continue the pattern. If we truly break above 2550, then chasing long on the right side with a stop loss isn't too alarming. Right now, it's a defense battle around 2500; for those without positions, entering now is just torture, and it would be better to watch the changes.
