Major support around the November 50% levels, however the intermediate timeframes are still in a downtrend ( below 3-day highs and weekly 50% level). This was confirmed with the UP move on Monday, but the failure to close above those levels, and then the rotation back down on Wednesday.
13:45pm
Yesterday played that role of filling the gaps on the way upwards on Tuesday, and today it’s playing the role of following the market trend defined by the 3-day cycles and Weekly Trend:- DOWN
Price is now back into Major support at the November 50% levels.
Ideally I would still like to see consolidation into the end of the trading week, providing the better opportunity for short-trading down into the lower levels from December 50% levels.
US markets still consolidating around major November low support zones.
If November 50% level @ 6363 continues to hold for this month, this same level won't be valid for support in December.
Support disappears as Time moves forward.
Trend Direction defined by December 50% next week
