Price is in an Impulse bullish pattern so overall the market is in a bullish trend, but the market moves in waves we have corrections and impulses. The market is currently at that corrective phase we are in a potential Zig-Zag correction pattern. A typically Zig-Zag is namely a 5-3-5 move because of the subwaves, we are currently in a (C) wave phase. The (C) can be an impulse or a diagonal pattern. The pullback is for the 4th wave I think the price could possibly reach the 38,2 fib retracement before making the next impulse move up as I'm expecting the fifth wave to occur after the drop.
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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.