We can also see the higher Weekly lows in the forward Weekly timeframe...Whenever there are higher or lower timeframe channels in the forward timeframes (Dilernia Drops), the bias is for the trend to continue in the same direction into Friday.
This can result in a supported day with another late UP move towards Wednesday's highs and a higher daily close in the last hour of trading if price is above Wednesday's highs.:- breakout.
If price is supported on the Yellow and rising higher into the close, US markets might not come back down for the rest of this week, as they chase higher prices into Friday"
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S&P Weekly and 5-day pattern
The Ideal set-up on Wednesday was for the S&P to come back down into support and then trade upwards into Wednesday and continue with the breakout, and then higher prices by Friday.
Sadly this didn't occur, and the S&P continued higher from the HOOK pattern on the Weekly 50% level.
The bias is now to continue towards Friday, which has a random length, but normally the view is for the market to continue towards the 3-week highs.
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