Morning Update on 8.20:

From a technical structure perspective, the running channel has formed a flat state. After a downward exploration of the price, it has gradually formed oscillations for repair. The effects of the conversion between bulls and bears are evident. Although the overall direction shows highs and then retreats, the impact on short-term oscillations is strong, making it difficult to form a one-sided continuation. Even under the rhythm of oscillating lower, there is still an effect of probing lower.

From the four-hour chart, the price channel continues to show slight oscillations downward. The bearish volume arrangement is limited in release, slowly stepping downwards. The moving averages are slowly declining, and in the short cycle, it maintains a downward oscillation to build a bottom adjustment while remaining on the daily.

Short positions around 113500～113900, target focus on 111700

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