DOW Monthly and WeeklyThe DOW pushed down into Monthly lows and hitting the Weekly lows and reversing upwards on Tuesday.
At this stage SET-UPS A or B are taking place( Weekly Report), and the expectation is that the DOW should continue UP towards the Weekly 50% level this week
DOW Weekly and 5-day pattern
"Because of the Weekly lows price can rotate back towards Monday's breakout and/or the 5-day 50% level, and then can reverse down into Tuesday's lows.
My ideal pattern would be to sell down into the support zones and then look for a late reversal off the lows...
If this can occur then on Wedesday there is a potential UP swing back towards the 5-day highs and Weekly 50% level later this week" Premium Report
On Monday price moved down into the Weekly lows with a 5-day breakout.
Normal Text Book pattern on a 5-day breakout is to continue down or remain below the 5-day 50% level.
Even though the Monthly lows along with the Weekly lows are support zones with the potential to reverse off these levels and back upwards, I was expecting a stalling day before Wednesday continued higher.
It won't matter, because Wednesday's 50% level will be the trend guide for any higher prices this week, unless price continues higher overnight before the day session opens.
- Daily Trading Set-ups & Analysis
Posts
