$MERL The current structure, in essence, is no longer a simple 'callback', but has completely entered a bear-dominated phase.

The signals given by the market are extremely clear and obvious:

1. The rebound lacks continuity; it fizzles out as soon as it rises;

2. The high-level buying has clearly retreated, and no one dares to buy;

3. Every time it tests the support, the bears quickly push it back to its original form, like precision-guided.

The market leadership has long changed hands: from bullish expectations, it has switched to a situation where **supply and realization rhythm** are completely in control.

December itself is a peak window for unlocking, realization, and reduction, and the trading logic has completely changed—

It is no longer about whose expectations are better, but rather:

Who is selling, who sells first, and who sells more aggressively.

Now, every short-term surge is essentially just:

✅ Retail investors adding positions

✅ Bears covering shorts

✅ Speculative funds buying high and selling low to make a profit

It is not about trend funds entering, let alone the initiation of a new trend.

When a target enters this kind of structure, it has only one iron rule:

Rising relies on sentiment, falling relies on structure.

And the current structure undoubtedly stands on the side of the bears.

From price action, all current rebounds are merely technical rebounds within the original downward channel, without any effective trend reversal patterns appearing. As long as the trading volume during the rebound cannot significantly increase to confirm the support strength, the price will continue to seek a new balance downward along the channel, which is the path with the highest probability.

If we extrapolate based on the structure, around 0.2 is actually more likely to become the next true bull-bear conversion area.

Those still fantasizing about 'trend initiation' at high levels are essentially betting against the surging supply;

And following the downward channel, standing on the side of the structure is currently the most favorable and least effortful choice.

It is not that anyone is intentionally pessimistic;

It is that the market has already paved the way for you and made the direction clear.