And the S&P should follow.
Ideally I would like Friday to close back around the Daily lows"
Premium Trader
DOW Weekly and 5-day pattern.
Precise high in the DOW around the January highs and Friday follows a 5-day pattern reversal into the daily lows, and as the purple lines show in the chart I’m expecting the trend to continue down next week.
2nd Validation of the trend moving lower will be price trading below the Weekly 50% levels.
The price action on Friday if occurring anywhere else in the Secondary trends can often set-up further gains at the start of next week:- 5-day support and above the Weekly 50% levels and the continuation of the Trend (UP)
If the next session in the market closes higher, my view of the market going down could be wrong, but little things can grow into big things and the current price action that is occurring over the past 2 weeks is acting in a manner that often leads into big things.
If the next session closes on its lows, but not necessarily below the Weekly 50% levels, then the next day might be the start of the market continuing down.
Monday: public Holiday in the US
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