The target area of the bullish head and shoulders structure has been achieved, but there was a pullback before the pressure level near 121,000 was tested. If the bullish trend is to continue, it is necessary to effectively break through the resistance near 121,000. The current long positions have been reduced by 80%, and only a small part of the positions are retained to expect the continuation of the bullish trend.
Short-term support is near 117,911, and extreme support is near 117,000. The bullish defense point is 116,000. If it falls below this, it means that a deep pullback is likely to occur.
