At this point in time, don't think about making large spot allocations in the short term.

My judgment is that we are at the beginning stage of a bear market. There is a key issue here - the bottom of wave A has not yet been reached. Many people are eager to buy the dip, and the result is that blind medium to long-term long positions will suffer severely.

Short-term longs are still barely acceptable, but one must recognize the position. Based on the current trend, I personally expect that the low point of this A wave will be confirmed in the range of 70,000 to 74,000.

Once the bottom is confirmed, there should be a rebound of about 30%. The target for this rebound is around 96,000, which would complete the B wave.

Then comes the decline of wave C. But where will wave C ultimately drop to? It's still uncertain now. We need to fully understand the previous movements of waves A and B to make a more reliable prediction.