This afternoon and evening's market tone will be a fluctuating rise, confirming the bottom and starting an upward trend.
Core support below: $2200. This is the right side bottom of the W-bottom, a short-term defense line for bulls.
Ultimate support below: $2111. This is the previous low; as long as it doesn't break, the bullish structure remains valid.
Key resistance above (neckline position): $2350 - $2370. This is the neckline position of the W-bottom pattern and the most important threshold that bulls must overcome.
First target after breakthrough: $2500.
In terms of operations, all bearish thoughts should be decisively abandoned, and actively look for low-level long opportunities. This is a strategic choice that aligns with the larger cycle and market structure. Relying on the W-bottom pattern, enter long positions on dips, aiming for the neckline position and higher points after the breakthrough.
In the current $2200-$2240 area, as long as the price does not break, tentative long positions can be established with light positions to seize the upcoming rise.
Short-term target looks to $2350; once the neckline is broken, positions can be held for a target of $2500 or even higher.
