From the weekly trend perspective, since mid to late May, we have summarized the main characteristics of this market with one sentence: "It belongs to the trend of a bullish market, where after an excessive rise, a potential top divergence occurs, and this divergence will continue to exist." Its main characteristic is that there is not much expected upside space, while downwards it is anchored by the current level MA30, and there is no systemic risk, which is the broader context.

From the 12H to daily range perspective, during the price surge on the 13th, a significant top divergence occurred, triggering a sharp drop, and after that sharp drop, there was a sustained breakdown. Sugar Brother believes that in this trend, the main short-term downside risk has been released, but a large-scale rebound is also difficult to appear in the short term. Before a recovering structure appears, we need to guard against this position evolving into a downward continuation structure. Operable opportunities are limited to going long while shorting and timing after further declines (the imitation can operate synchronously).

From the 1H to 4H perspective, representing the trend level of the past 1-2 days, the moving average system after the decline is undoubtedly diverging towards the bearish side, and during this process, multiple structural resistances have formed, significantly limiting the initial upward space and points.

Summary: Combining the previous broader level content, the main decline at the current position has occurred, the long-term bullish trend of the larger level is still present, but in terms of short-term structure, it cannot temporarily provide much rebound space. If one wishes to pursue points with a higher safety coefficient, they need to wait for the price to decline further.

Short-term support 112962~111830 (slow decline, quick entry and exit), second support 108910~107744 (quick entry and exit to grab rebounds), short-term resistance 117498~118520 (breakthrough on volume, pullback can enter)