Dominant TF: Daily and 60mins
Swings: UP-UP-UP
Market direction: Congestion to mildly up.
60mins: Congestion. Mild updward bias at first.
Good recovery after hitting the 2125 support level very strongly. The level held and prices bounced to pivot level (MM + Fib). MTFS is undecisive, and Entropy is recovery, indicating an upward bias, however possibly bumping on pivot level.It is therefore not easy to see price behaviour going forward, and lower time frames do not provide more information at present. Bar colours have not even turned blue during this recovery.
Daily: Congestion to down.
A red bar, yet a very bullish bar, other indicators still eroding: we are in presence of indetermination, so we hae to be very careful and watch salient levels to gauge for future direction, particularly on the 60 mins chart. If the 2088 level fails to be broken, bulls may just give up...
Weekly: Congestion to mildly UP - Low significance level.
Current congestion in lower time frames can slow down or stall the upward bias we still have.Note that significance level on this time frame is falling, due to indicator divergence.
