The 4-hour chart of the large pancake shows a rapid decline from the resistance level of 112550 to the support level of 110250, forming a large bearish candle followed by a small bullish candle for correction, but failing to break through the previous high, indicating a weak rebound pattern. The daily MACD remains below the zero line, with the fast and slow lines diverging downwards, and the momentum bars are green, indicating that bearish forces are dominant; although the 4-hour MACD shows signs of contraction, it still remains in the negative territory, suggesting a bearish trend.

Trading Suggestions:

Sell at 111000-110500, target 109000-108000, with a stop loss at 111200.

For the second pancake: Sell at 4400-4370, target 4270-4200, with a stop loss at 4430.