Looking at the recent trend, there is a high probability that the first 1-minute level central pivot can be constructed around the 4100 point. In other words, the range of X4, X5, and X6 should form a central pivot pattern. From the perspective of adjustment amplitude, this wave of decline is quite mild, with a hint of "soft short squeeze" in it.

The portfolio held today performed well—yesterday, some of the original heavy holdings were sold off for adjustment, and today these newly bought stocks directly offset the previous unrealized losses. The miscellaneous army hit the daily limit, index funds followed closely, and those stocks that hadn't moved much before are now starting to stir, showing signs of entering launch mode.

In the short term, there doesn't seem to be any risk in the market; many individual stocks appear to be quietly accumulating strength. From a technical perspective, we are currently in the Y3's X5 segment, and an X6 pullback is expected in the afternoon, which will complete the construction of the 1-minute central pivot pattern of X4X5X6.