That's the first stage of support playing out with a rotation back into the 5-day 50% levels in both markets and hitting resistance...We would need see the move and close above the 5-day 50% level, but it wouldn't surprise me to see prices drift back down into the lows again before heading higher the next day.....
" The market moved up off its lows, hit the 5-day 50% level, reversed back down into lows again, and then a late rally back above the 5-day 50% level"...earlier report
Because price looks lagging that late rally might be overnight.... but it looks like it's setting up for the counter-trend move upwards off the Weekly lows and higher prices by Friday
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