Market forecast and analysis at the daily chart level: the price will most likely drop below 2200. If 2138 can hold steady, the bulls can gather strength—then a rebound could set a new high around 2590, followed by a waterfall to fresh lows and a break through 1740.

The 4-hour level analysis shows that 2280 is a resistance zone. The expectation is that the price will still retrace to 2280 and those levels around 2296. If the price rebounds up to here and faces resistance, you can short. The first target is 2200, and the second target is 2138.

Right now, the bigger direction is still bearish. We haven’t reached the short-selling “entry/boarding” level yet—so be patient and keep waiting. All afternoon, wait for an opposite-direction move to take a long at the 2235 level. If it keeps failing to drop down, there’s no good spot to take a short-term long—so don’t do it; it’s not cost-effective. The short-chasing entry isn’t in place either, so we still need to wait.