The recent decline has gradually expanded, from the 1H to the 4H to the daily level at 8:30 this morning, where the spot reached 112000, filling the gap, and the futures touched the high point of 111900 on May 22.
Let's try to analyze the current market status based on the five-wave theory.
Based on the retracement from 93000 to 123000, it has dropped below 0.236 at 116000, just stabilizing at 0.382 at 111700. If the rebound is confirmed and does not further dip to 108100 or even 104600, then the 5th wave is still likely to be valid. If it breaks below 104600, we need to be cautious that the five waves may end or even enter a larger level of adjustment. However, as long as it does not break the extreme point of 98000, the large cycle of five waves remains valid.
