SPI Following most global markets down into the January lows for 2008.
Around these lows the expectation that price will find support, but any upside is going to be limited, and that's is going to depend on US markets reaction to their January lows on Wednesday.
US markets are into January lows, and the best that they can hope for is a 3-day consolidation pattern around these lows, with probability closing around the middle of this week's range on Friday. I'm not expecting a major 3-day reversal UPwards.
Below Those risk levels on Wednesday in the US, and it's following the Weekly Report levels back into August lows.(lower Weekly close)
SPI Risk 6084 (R87 lows)
Above and expectation is that yesterday's gap will close, below and it's following the next 5-day pattern lower.
Any rotation upwards today and risk increases around 44 spiral tops/ gap... (6126) Weekly breakout.
Gap closure and 44 point tops, and it's random price action, similiar to 6170 yesterday.
1. rising upwards from an R87 low can continue the swing rotation upwards (primary range completion)
2. a 44 point spiral top can also swing back down and follow the Weekly trend lower towards January lows & the 5-day lows @ 6044 .
Yesterday there was a high probability trade using 6210 and expectation of a reversal down into 6170 for price to move back into the 5-day range.
Today there is no clear direction on open other than using the R87 low @ 6084 as Risk...
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