This pullback hasn’t fundamentally changed the larger cycle. The short-term fluctuations are just the big players conducting stress tests within a localized range. The current market is in a liquidity vacuum phase, with choppy consolidation. Funds haven’t formed a unified sell-off force but are instead using up-and-down swings to wear out retail investors’ patience. At the moment, short-term positions have reached a new balance. The 80,500 to 81,500 range above has accumulated a large number of trapped positions and short-seller defenses. This is a strong resistance zone that must be watched closely. Without macro-level positive catalysts, it’s tough to break through in one go. Meanwhile, there’s clear buying support in the 75,000 to 76,000 range below. This is the first line of defense for the bulls, and the big players will repeatedly prop up the bottom and accumulate positions here. The cleaner the shakeout, the stronger the rebound. If it doesn’t drop further, the only way is up. The likely trend for the next week is repeated choppy movement within this range, using time to exchange for space and completing the redistribution of positions. In terms of strategy, avoid chasing highs or panic selling. Be patient and focus on selling high and buying low. If there’s a short-term pullback to the 75,000 to 76,000 range, decisively buy in batches. When it rebounds near the 80,500 to 81,500 range, take profits and exit in batches. Set a strict stop-loss for short-term longs at a break below 74,000. As long as the first support line holds, once the selling pressure is digested, the market will push upward again.