CLO's bull camp has deployed tens of millions in chips this round, seemingly making an all-out effort. So far, short positions have been liquidated by over 2 million, and if it pulls up to 1 dollar, another half of the short positions can be closed out. However, the key question is whether the whale has enough ammunition left. From my observation, if fuel is running a bit tight, the most realistic play would be to first flatten the 4-hour volume structure, use 1-hour level consolidation to grind down the costs, and after replenishing energy, continue to push the market to break through the remaining short positions. I've seen this playbook quite a bit in the perpetual futures market.