The market has repeatedly shown a pattern of failing to break through highs and then pulling back. After the key price level of 74,900 failed to break through, the market is likely to continue its downward trend. This round of decline has not seen a quick rebound or strong recovery, indicating insufficient buying demand below. Bulls are overall weak, with limited rebound space and weak momentum. Bearish forces are likely to continue strengthening. Key resistance levels: 74,900 and 76,000 Before effectively breaking through the 74,600 resistance level, maintain a mid-to-long-term strategy of shorting at highs. Market turning point: Only a breakout above 76,000 could potentially reverse the current downtrend and initiate a complex adjustment. The monthly chart shows an A-wave decline followed by a B-wave adjustment structure. It is highly likely to proceed with a C-wave decline, and the mid-to-long-term downtrend has not yet ended.