In the overall big picture, I see not only the lack of support below 80,000, but I am also more optimistic about the large pie starting with the number 7 in March.

The key support for this round of the big cycle focuses on the Fibonacci 0.618—7.22 line. If the retraction in the first half of the year does not break this line, then it is expected that the subsequent movement will mainly oscillate within the range of 70,000 to 90,000, a 20,000-point range.

However, if this round of the big cycle at 7.22 cannot provide support in the first half of the year, it means that the true transition from bull to bear has arrived, leading to a liberation of space below 70,000, and it may even further approach the significant 50,000 mark.