US markets are trading above their Weekly 50% levels, and the only conclusion is that US markets are moving towards the .618 Weekly tops....At this stage: Wednesday's trading is viewed as a 'HOOK' day, which is often bullish, but first it needs to come down and re-test support before continuing higher....
This week's high probability pattern was Trading Longs on Monday...and then trading Wednesday shorts down into support.
I didn't expect such a counter-trend move upwards on Wednesday.... therfore there is no high-probability trade on Thursday other than using the above levels as Risk trades for day traders.....
A higher open on Thursday and they will try and fade the market down to re-test the Weekly 50% levels and 5-day 50% levels....
Note:- Often when there is a HOOK pattern, the market will go back and find support around the 5-day 50% level and briefly move below the Weekly 50% level before heading upwards.
Both the 5-day 50% levels and Weekly 50% level match
If Price moves down as far as support:- then traders need to keep in mind that price is trading below the Weekly 50% level and the 5-day 50% level:- it's either going to support price or break lower.....
I don't have a high- probability trade on Thursday:- it's use the levels above and manage Risk....
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