The first line of defense mentioned in the quote was not breached even when yesterday the Nasdaq dropped 1.96% and the S&P 500 fell 1.73%, which indicates that we need to pay attention to market reflexivity. 1. The movement of the black line represents that this wave of correction is a retracement of the previous 60,000-76 rise; after the retracement ends, the upward trend can resume. 2. The movement of the red line indicates that the previous 60,000-76 rally has completed the overall rebound; the upward trend has ended, and a new round of decline has begun.