S&P monthly and Weekly
US markets reversed down on Friday and into a lower Friday close, but I expected more selling today with price to be trading or closing around the Weekly 50% level.
The 3-day sell cycle and higher Friday open normally favours a lower Weekly close as price is trading around monthly high resistance levels.
I only finished writing a section in my new book “ TIME, PRICE, SUPPORT, RESISTANCE, and reversal patterns after the completion of the 3-month cycles…
Each reversal down started from this exact same pattern:- higher Thursday close and Friday sell off.
And the trend continues down early next week with a break of the Weekly 50% level and a short-term mini collapse down into the Monthly 50% levels (SET-UP A)
Except this time the exact same pattern hasn't occurred as previously with the follow through down into the weekly 50% level not occurring
However, next week's 50% level is the one to watch with the potential SET-UP A in play.
Normally the break occurs in the first two days of the new week, so i'll have a
fair idea whether SET-UP A is going to occur, or price continues to consolidate and remain with SET-UP B.
