Analysing Market Dynamics and everything is bearish, price is trading below all timeframe 50% levels, and whilst below the 5-day 50% level the expectation is that price is moving down towards the 5-day lows...High Risk trading longs below 5574..
However there is still the upside 'Gap' to close, and even though a Weekly timeframe has a 'Top-to-bottom' probability there is always the potential of a Daily timeframe to close against the overall Weekly timeframe. That being an UP day within the downward Weekly timeframe.
Levels of Interest today
It will depend on where the market opens, because of the last 44 point range from yesterday, and that's going to be the levels of interest today.....
5571 (spiral low) & 5618 (spiral high)
Also the R87 low around 5567
Support 5567-71
Trading probabilites:-
An Up day will rise up from support and move upwards towards the 5-day 50% level or around 87 points before Risk increases.
A bearish pattern will be a reversal down from the Spiral point @ 5618 and head down into the R87 low, because below this level, the potential to follow the 5-day low pattern is a high probability, but that might happen in the 2nd half of the day.
Above 5618 and expectation the R87 is completing into the 5-day 50%.....That will be a high probability if price is rising up from 5567.
I don't have any high probability trades today on open because of the 44 point range completion from yesterday, but what I'll personally try and do is, trade into the 44 point range completion and then see how price reacts around those levels of interest to determine the daily trend direction......
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