The state of the weekly channel has changed quite a bit!

1. The weekly overbought line has risen to a height of 140,000 in the next two months. Currently, the ideal is becoming more and more substantial, while reality is becoming leaner. This is because the weekly chart is still struggling to absorb supply in the left-side supply zone. The closer it gets to a breakthrough, the more precarious it becomes...

2. The target for the weekly top divergence has just risen to 117,000 in the next two months. If the price reaches this range and chooses to build a top, it can confirm a standard top divergence, similar to the end of 2021.

3. The bull market lifeline has also slowly risen to 91,100. This is what makes me most anxious right now, because to be honest, if a few waves of bad news hit, it is really possible to break below 90,000... As long as this yellow line is not broken, the original weekly bullish trend structure has not been damaged.

Summary: The current large-scale structure is in a state that requires an immediate rally; otherwise, the downward pressure from the technical perspective will become increasingly severe. Even if there are no major negative developments in the macro environment later on, the technical perspective could turn into a 'technical bear market' due to long-term weak demand and declining momentum;

Fortunately, the current weekly chart happens to be in an undecided state, with the weekly price at a high position in the left-side supply zone, and it is very likely to form a doji, indicating that there is supply in the market, but it is not strong.

So if there can be a breakthrough next week, the concerns above can be postponed for another two months....

Oh, by the way, two months from now happens to be September, which is the expected time frame for the Federal Reserve to resume interest rate cuts...

There will likely be various games before and after the interest rate cuts, so let's wait and see!