"US markets trading around their Monthly lows.
Eventaully Price is going to rotate back towards the 5-day 50% levels, and could go as high as the 5-day highs over a 3 day period.
Wednesday Yellow level support on Wednesday...
And it's getting to a stage that a price rebound will take it back towards the 5-day 50% level..."
Premium Report
S&P Weekly and 5-day patternWednesday moved up from the March lows and completed the move towards the 5-day 50% level.
With late selling hitting both the DOW and S&P around the 5-day -mid-point.
My ideal set-up was to come down into 680 and look for a major swing pattern upwards, but instead the March lows @ 695 along with Tuesday's lows, set up the move upwards during the night session continiuing higher.
As per report, there is now a view that there can be a 3-day up move towards the 5-day highs even though the 5-day 50% level was hit by sellers late in the day.
We will look for support levels on Thursday for any continuation of the counter-trend move up towards the 5-day highs by Friday.
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