Breakout of the Weekly and 5-day lows this week and expectation that price would push down into 5323.This was reached overnight , and there is still a possibility that on Wednesday price will go down and match the lows today......
Today's lower open will form a ' spiral-point', which makes it hard to go short today on open, even though it can move downwards.The best 'short-trades' are from Higher spiral-points, until price moves into 14:36 where 'short-covering' comes into the market pushing price upwards.
Today:- Market is still in a breakout of the Weekly and 5-day lows and the trend remains down.
Personally I can't go 'short' on a lower spiral point, I would need the market to rise upwards 44 points to give me a better option of going 'short' from a higher spiral-point.
If I want to go long then around 5358 is my interest zone looking for a 'fade-trade'.
Below 5358 and market will push down.....(44 points down matches 5323)
Note:- If market rises upwards from a lower open and moves upwards 44 points, this can reverse back down and continue lower today from a higher Spiral point.
Or it could also continue upwards back towards the 'break-out; zone of 5437.
In conclusion:- I favour a move upwards from a lower open with the expectation that price will complete an R44 top.
After that R44 'top' the market has a random outcome, it can swing back down following the overall trend down into 5323.
Or price can continue upwards today from the lower open and back into the break of 5437 with further buying from 14:36.
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