Today the idea is actually simple: just focus on 4040, this “watershed.”

First scenario: the price keeps trading below 4040. Right now it’s hovering around 4028. If it turns south and drops to 4020, then this would count as an extremely weak trend. In this case, we need to be careful whether yesterday’s low at 3980 can hold. Once 3980 is also broken effectively, the downside room opens up significantly—at least look for support around 3880. At this time, don’t think about blindly bottom-catching; if the knife falls, you can’t catch it.
Second scenario: the price gains momentum and breaks above 4040. Then, as I said just now, the approach needs to change immediately. During the pullback and retest, you can observe whether there’s follow-through. The target is 4080-4100.
Market sentiment is currently quite conflicted, with fierce long-vs-short battles. But from the larger timeframe and the existing K-line patterns, bearish power still has the advantage. Before we see a clear reversal signal (for example, a large bullish candle that lifts price and holds above 4040), my personal view remains cautious. Better to miss than to get it wrong.
To sum up, today’s top priority is to watch what happens with 4040—its hold or loss. It’s the lifeline of today’s market. As long as it hasn’t been broken, the rebound is the process of testing overhead pressure; once it’s broken, the pullback is the process of observing whether there’s support and consolidation.