5-day low breakout on Friday, this would often push down on Monday using the 5-day 50% levels as resistance"
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S&P Weekly and 5-day pattern
Start of November and both US markets are rising up from the November 50% levels (blue)
At this stage there is nothing bearish in the higher timeframes, as last week’s reversal down is now viewed as SET-UP B, with the possibility that price is continuing higher in November, or moving in a Weekly rotation patterns of UP and DOWN weekly ranges (consolidation)
The only thing that needs to be verified is price trading back above the Weekly 50% levels.
Even though price had opened around the monthly 50% levels, that would normally see another rise, the lesser timeframe patterns were bearish, especially in the 5-day pattern breakout from Friday and trading below the Weekly 50% levels.
There wasn't a probability pattern on Monday, it was a day for screen traders using the levels in the 5-day pattern.
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