A break of support on Tuesday moves down into Wednesday's support:- 2 day pattern
Wednesday's support can often provide a spring board back towards the highs:- This is especially robust when price is in a bull trend or trading above the Monthly balance point.
Today, it's not trading above any of those levels, therefore the support is random.
And break of blue channels and bias is to continue down into the 5-day lows, as part of the Weekly rejection pattern"
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DOW Daily and 5-day patternUS markets have followed the Weekly 50% level rejection pattern, breaking support on Wednesday and heading back down towards the 5-day lows.
These 5-day patterns (rotating) will continue until the end of the month.
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