After yesterday's bottoming out at 1147-1148, the large pancake made a strong rebound during the U.S. trading session, hitting 1170. Unfortunately, after the daily close, it entered a downward mode, and it has even dropped below yesterday's low to 1143. The short-term bullish counterattack seems to be lacking momentum...

The key focus going forward is the previous low position at 1118, which is also the starting point for this rise to the new high of 1145. It can be said that if this position is broken and not reclaimed, it will indicate a major correction phase. It can break down, but it must be reclaimed; otherwise, it will still not affect the overall bullish structure.

Today's close is not favorable for the bulls, especially on the 4-hour level, where a large bearish candle has come down, consuming the extent of the rebound, forming an engulfing pattern and returning to the original position.

Tonight, the priority is to consider going short, with a pullback to 1156-1160 for entry, looking down towards 1132-1138. For going long, it specifically depends on the closing situation. If I had to mention a position, I think the previous low of 1118 is a good entry point.