US markets reversed off Weekly .618 and moved in a 1 day counter-trend UP move....Whenever Price closes below the 3-day cycle lows, like it did on Wednesday, there is a probability 'move' of a 2-day rotation upwards.
Thursday was the first, but I would have liked the Thursday reversal to HOOK back inside the Weekly 50% levels, for the 2nd day to continue upwards, which both markets failed to do.
Friday:- Two patterns can play out
A top-to-bottom trading Week with price closing on their lows on Friday. This could happen because of the failure of ES to close above the 5-day 50% level...
5-day 50% level failure and continuation of the overall Weekly Trends DOWN..
2nd day up move and I would like price to test the 2-day SD channel lows on Friday and then move higher into close:- 3-day high
Therefore SUPPORT or Breakout in both markets are :-
12184 (DOW)
1324 (E-mini)
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