December 50% level is the trend guide :- Bearish3-week cycles and 3-day cycles:- SELL
Weekly trend:- continued weakness will move down into the lows, as shown.
Tuesday's trading is going to set-up the direction of the rest of the Week.
Weekly report:- " highest probability pattern would be to see lower prices on Monday, break below the Weekly 50% levels, but the next day 'hooks' back inside, this then becomes support and prices rise higher into Friday"
There is a push lower on Monday:- DOW is back inside support @ 13299 (not a 'hook')
E-mini is still trading below Weekly 50% level. (potential 'hook')
Price action today is important because a failure to close back inside will probably send US markets down the next day.
Trading below Weekly 50% levels is bearish, and there is no reason for any 'Hook' day to occur, but if it does, then it becomes support on Wednesday and expectation of higher prices on Friday.
If this occurs then there is a good reason for Aussie market to continue upwards and back towards higher levels.
Posts
