Please Read the Weekly Report before continuing....
Overall market is in a downtrend defined by the higher timeframe 50% levels.
Major Support around the Quarterly lows, and the 3-day cycle is a BUY.
This week's trend is going to be defined by the Weekly 50% level @ 5593....
As you can see from the Weekly Report, I have an UP bias for Monday and a view that the market is moving back towards the 5-day 50% level, and over the next few days back towards the 5-day highs.
How fast the move towards the 5-day highs will depend on US markets (US report later)
Risk 5593
High Risk trading longs below this level today....
Because 5585 was already tested on Friday and currently found support, my view is if today is going UP, there is no reason for 5585 to be tested again...
Note: R87 Spiral bottom is 5596
So there is an important level around 5594-6 to make a clear judgement on Monday's direction...
UP:- and it is following the swing back towards the 5-day 50% level (87 points), and then the 5-day highs.
DOWN: and it's following the timeframe 50% levels (below all levels) and the overall trend of the market (back to the 3-day lows)
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