3-day cycle is the trend guide. The 3-day cycle aligns with the 5-day lows.
This is a trailing support line until broken. Once broken this changes the 3-day cycle into a Sell, and a new trend can develop"
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S&P Weekly and 5-day pattern
There has been an expectation that price will try and make its way into a lower Friday close and around the Weekly 50% level.
As pointed out a couple of days ago, from Wednesday onwards the bias is to look for the market to come down into the 3-day cycle lows, and if broken there is a bias to continue down, as long as price remains below key levels in the market on Friday (50% levels).
My best set-ups to capture a reversal pattern never played out, as shorting the 5-day highs was what I wanted to happen on Wednesday or Thursday to get into the reversal pattern before it happened
Instead it had to be the break of the 5-day 50% level on Thursday, as the first sign of the confirming pattern.
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