The Up trend in US markets are defined by price trading above the Weekly 50% level and the 3-day cycles.This trend was modeled based on price re-testing the Weekly 50% level, finding support and heading higher over the next 2-days as it follows the Weekly channels.
It started well on Wednesday, however the late sell-off on Wednesday is not what I was hoping for, because now it is following a basis of a lower weekly close. (close lower than open)
The weekly trend will still be defined by the same 50% level 1476.
A lower close on Wednesday will probably try and swing back upwards on Thursday into the 5-day 50% level…
Full report later…
Posts
