A Monday that rises higher is the start of a new Trading week with the potential that price could continue higher each day:- But that's not my Analytical view because of resistance.
A 'shorting' day will be valid around higher timeframe resistance and a higher open on Tuesday, but that will need to be confirmed by price moving back under the Weekly 50% level. If that price action occurs then my Analytical view is price is moving back down into Weekly lows, and at a much faster rate than many would expect....
(Weekly Report 17th February)
That's the Price action we have on Tuesday, and whilst the US markets are trading below the Weekly 50% levels in both markets, then my expectation is that price is heading towards the
.618 ranges (circled)
The Trend guide on Wednesday is going to be driven the 5-day 50% levels in both markets, with the expectation that price is heading down into support levels....
Those levels can often support the market today, but they aren't BUY zones this week:- the trading zones are the 5-day 50% levels to trade down into lower support zones and exit.....
The entire analysis is based on price trading below the Weekly 50% levels in both markets as per Weekly Report...
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