US markets are trading under the January lows, and are both supported above their Weekly lows...
Wednesday's price action is what I thought would happen, and now Thursday needs to break Wednesday's highs and I'm looking for a move back towards the Weekly 50% levels......
Expectation that Wednesday would rise upwards into the 5-day 50% level and drift back down into support, before heading higher on Thursday.
That needs to be verified with the break of the 5-day 50% level, and continuation upwards.
It might not break the channel highs on Thursday, but what needs to be used is the 5-day 50% level as support, because any higher push upwards could drift back down later in the day, and 5-day 50% becomes support, and then continues higher late on Thursday, and then up into Friday......
Note: Nothing is ever a forgone conclusion in trading, but what I've analysed so far has been playing out precisely this week....
The important part is the move back above the January lows....
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