The one-hour cycle chart pattern is relatively weak, and the current market trend mainly maintains a downward dominant rhythm. Short-term indicators and moving average combinations are clearly suppressing prices, with a lack of momentum for rebounds; each small rally fails to sustain momentum.

Today’s market mainly consolidates sideways at low levels, after a previous round of decline, the market has entered a brief pause and correction stage. This repeated consolidation at low levels is just an intermittent adjustment during the decline; the bulls have not formed an effective counterattack force, and the overall major trend has not undergone a fundamental change.

In the short-term rhythm, the market is unlikely to show a strong reversal, and the probability of a continued weak oscillation pattern is high. The rebound space above is limited, suitable for observing pullbacks at resistance levels; below, 4685 is the short-term key defensive support level. Once this level is effectively broken, it will further release downside space, and the subsequent weak trend will intensify further.