"Blue channels resistance for a move down into Friday's lows, and these lows match the Weekly 50% level, with the potential to close around the 5-day 50% level.
Above the blue channel and price will move into Friday’s highs…
A ‘spike’ upwards on Friday and I’ll get bearish, as I would look for a 2-day reversal down from next week"
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DOW futures and 5-day pattern.
At the start of the trading day I was bearish because price was opening below the 5-day 50% level and 10387, with an expectation that price would push down into Friday’s lows.
Based on a probability pattern I wasn’t expecting a move upwards on Friday, but I acknowledged that if there was a 'Spike' into the highs on Friday, this will more often than not continue down at the start of next week into Support levels.
I do have a view of higher prices in December, as part of a 2-month wave pattern upwards during this 3-month cycle, and that could occur using next week’s 50% level as support.
However, at the start of next week I’m leaning towards a continuation down into Support levels, as part of Friday’s spike & resistance pattern (2-day reversal)
If 'Support' doesn’t break on Tuesday (Wednesday trading below) then I would have to favour a higher weekly close thereafter.
Confirmed with a Daily ‘HOOK’ pattern back above the Weekly 50% level and a continuation towards the December highs.
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