DOW Weekly and 5-day pattern.The current view of global markets has been the re-test of the November 50% levels and then the 'thrust-rejection' pattern towards the November's lows.
This is the pattern which is now occuring, along with the break of Monday's support and then continuation down into Tuesday's lows.
The first two days is normal 2-day pattern:- 50% level towards the 5-day lows.
Now it gets interesting.....
Wednesday:- above the blue filter and it normally attracts buyers pushing the market back towards Wednesday's highs:- short term counter-trend move.
Below 8698 and things start to get ugly this week, which will probably lead to a 5-day breakout and the completion of the November lows probably by next week.
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