The 4-hour KDJ indicator forms a death cross at high levels and continues to move downward. The J value has already fallen to a low level; the short-side energy has been fully released, and there are no obvious oversold rebound signals. A high-level KDJ death cross is a classic top-reversal signal. It suggests that the prior uptrend has ended, the short-side strength has started to take control of the market, and a downward trend has officially begun. Since the indicator keeps falling without any signs of a turn, it shows that the “Kongtou” momentum has not yet been exhausted and there is still room for further downside. Do not blindly bottom-fish. With multiple indicators converging, the KDJ “Kongtou” signal, together with a breakdown of the Bollinger Bands and the bearish alignment of moving averages, forms strong confirmation. Going forward, the outlook remains bearish and consensus is clear that the decline should continue.