DOW S&P Weekly chartsUS markets reversed down last week breaking their 3-week lows.....
This is an unwinding pattern which verifies that the short-term UP trend is over....
I was looking for a push in MAY's highs before reversing down into June 50% level next week, but now it's happened what's the view?????
At this stage it's too early to tell, because whenever the 3-week cycles break the market can go into a 2-week 'stall-consolidating' pattern before the new trend begins....
We saw this happen when the 3-week highs broke, and now US markets can move into another 2-week sideways pattern before the new trend begins the closer it comes in the next Quarter.
DOW S&P daily charts
Last Week Report..... " Next week's expectation is price is pushing upwards into the Weekly highs:- stall for a few days and then continue higher towards MAY's highs....
Last Week pushed up into the Weekly highs and reversed for a 2-day stall pattern, but the failure of support to hold on Wednesday nullified the UP move into MAY highs....
S&P 5-day pattern:-
The Support pushed prices higher on Monday, and began the reversal pattern on Tuesday...
As my view in the Premium Report on Wednesday, that prices would sell-off from the 50% level on Wednesday down into Support....
If support holds on Wednesday then and only then Thursday could move higher once above the 5-day 50% level....
Wednesday didn't hold, and the rest of the down trend was verfied with each break of support into MAY's 50% level....
Next Week:- The usual pattern from a lower Weekly open and look for a 2-day counter-trend move back towards the Weekly 50% level, and then for the rest of the week define the market using the 5-day patterns.....
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