10:12amMarket opened much higher than expected pushing back towards the 3-day highs @ 5529… (resistance 3-day cycle)
Price moved upwards 43 points… But such a higher open it would have to have some stalling price action before any continued rise upwards, especially from an R44 spiral bottom…
1. Entry 5527 Stopped @ 5530
2 . Re-entry 5539 Added 5534
Partial Exit 5521 (stopped trailing 5538)
Still looking for a 44 point down move before the up trend might continue
44 points down and the 5-day 50% level @ 5484 is the level of interest….
10:27Market continued upwards completing the R44 spiral top, but still trading above the breakout of the 3-day highs…
I was still shorting because I didn’t think the market would continue higher without stalling and reversing down 44 points..
3. re-entry Shorts 5545 (R11 reversal and R44 spiral top @ 5546)
Partial Exit 5531
10:34Exit last 5516 (R44 Reversal)
Expectation that price is moving down towards the 5-day 50% level…
No idea how the rest of the day will unfold...
Whilst trading below 5525 the market is part of the consolidation pattern outside the Weekly lows....
A bullish market will see the 5-day 50% level hold and move upwards into the close...
Don't short trade around 5529 if there is a late move back up....
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