This week's market view: Last week, from Monday's low of 70,400, it surged sharply to above 78,000 on Friday, which is a typical pump and dump pattern. After reaching the peak, it weakened all the way down, with each rebound weaker than the last, and the bulls are powerless!

Moreover, with the ongoing US-China negotiations, geopolitical risk sentiment has significantly cooled down. The risk premium that previously supported the price is now fading away. Without panic-driven support, the price cannot sustain high levels.

This week, we are firmly bearish for the long term, expecting a top and reversal, not just a normal correction.

All rebounds are just opportunities to short, definitely not for bottom-fishing.

As long as it cannot surpass the high of 78,000, the major bearish trend remains unchanged.

First target is 73,500, with a weekly target directly at 68,000.