but I would like to think the Price will move upwards and retest those lows
before heading lower on Friday
Two patterns to look for on Thursday
If price rises upwards on Thursday and hits the blue channel to
verify Wednesday's breakout then look for a move down into Thursday's
lows.
If price moves down early on Thursday:- then the 5-day lows on
Thursday are seen as Random support, which could result in a move
back towards Wednesday's breakout late in the day.
This is basically my view of price moving back towards the Weekly
break, matched with Wednesday's 5-day breakout, and continuation
down into Friday"
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S&P Weekly and 5-day pattern
Thursday's trading in the US has been precise, and using pattern recognition and 'text book' patterns, I'm factoring a move lower on Friday in US markets simply because these are repeating patterns of retesting the breakout and then continuing lower the next day.
However, I want to see where price closes on Midnight Thursday in US markets, because if it continues upwards and closes back above the Weekly lows, then there is a potential for a continuation upwards on Friday.
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