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NAS100 DAILY CHART – Outside month still on the table
As I have been noting, the failure to regain 21376 keeps an outside month risk on the table. For this to occur, 20471 would need to be broken with a risk to 19887 -21300 below it.
So, 20471 will be the focus on Friday as it needs to hold and 20836 regained to ease the risk.
US500 DAILY CHART –Outside month
I may have sounded like a broken record noting the risk of an outside month.
The break of 5901 (low 5893) produced an outside month (new low for the year), which makes the Friday close the focus. A finish to the month below 5901 would produce an outside month key reversal with a void on charts until 5756.
This suggests 5900+ is needed to slow the risk. .
XAUUSD DAILY CHART – Weekly Pattern Broken
Now that the 8 week up pattern has been broken with a move below 2877, the focus is on Friday’s close to see it finishes below this level for an outside week key reversal.
In any case, while the high is in for now, note there are layers of supports (red AT lines) below the market.
To slow the risk, it needs to trade above 2877-88, about 2920 to negate it.
Time to revisit this article as XAUUSD price action is a classic Monday Effect
Another Trading Secret Revealed: The Monday Effect
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