Based upon our Directional Efficiency model, the current bullish price action is lacking the bullish energy. It is not an expansion but rather a distribution/absorption. It seems that the bearish price action is still in dominance. The model expecting that price making a pullback towards 3979 price area. If bullish efficiency didn't improve then this area is not a bullish pullback but instead it would be a support and a break will signal a bearish continuation.
Happy trading!
Happy trading!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.