DOW S&P MonthlyExpectation of a 2-month wave upwards during this 3-month cycle:- November and into December.
There are monthly high breaks (closing above November highs), which confirms higher prices in December.
DOW S&P WeeklyI 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, which often begins with the first 2-days moving down (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.
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, which often begins with the first 2-days moving down (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.
The key levels in an UP trend are the monthly 50% level and the 3-week lows, and that's the key support levels that need to hold, if Monday and Tuesday follows the 2-day reversal pattern.
