At present, this is a consolidation market, and the reason why everyone has been struggling recently is because sharp wicks and V-shaped reversals are everywhere.
From a structural perspective:
The overall trend is still downward. Looking at the move from the 124 high to now, the market has gone through a cycle of decline—sideways—decline—sideways.
Currently, the market is in a sideways phase. You can see that this sideways movement is still forming a bearish flag pattern, which is somewhat similar to the previous sideways structure.
With the interest rate meeting approaching, be aware that if
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