SPI will be opening below the Yearly 50% level and around Quarterly support levels. I was looking for the move down yesterday into these levels, and a 'blow-off' bottom, and maybe today will be the end of it, but I doubt it....
My expectation that in the bigger picture global markets will find some support around these extended lows in this Quarter, but it will be the next Quarter that is going to be extending to much lower prices in 2008, and there is a high probability that any further weakness is going to continue down and follow the 2nd stage of the bear market....
Today:- Risk is simply the 5-day lows....
On most occasions the 5-day lows will end up resistance, but it will move and swing around in 44-point ranges...
Focus on Spiral points and 44 point swings (higher spiral tops) and minimise risk around spiral bottoms...
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