My personal take on “Big Pancake” is that

Around 60,000, there really has been short-term support and buy-side accumulation
There’s also room for the rebound to continue
But the conditions to directly kick off a one-way upward trend are still not enough
A more realistic path
May be for it to first keep trading back and forth between 60,000 and 68,000,
Gradually digesting the panic-selling orders and trapped positions
What we’re most afraid of right now is not missing out
But seeing a single bullish candle and treating the “rebound” as a “reversal”
The market has finally managed to catch its breath
But the real direction decision is still to come