Start of the new monthly timeframe (February) and the monthly 50% level is the trend guide for the next 4 weeks 5895.
Currently the SPI has reversed back down, tested the 3-day cycle lows and bounced, this is pattern that suggests it wants to go higher, and it would if price was trading above higher timeframe 50% levels.
At this stage it's not, and it's too early to tell until the end of today's trading whether next week moves higher (rising upwards from Quarterly lows), or remains range bound with a downward bias toward February lows.
Yesterday's price action had nearly 19 x 44 point ranges, over 850 points of volatility in one day's trading, something I haven't seen before.
Today's higher open and expectation that the 5-day 50% level @ 5656 is a valid support zone....
Levels of interest today...
5-day 50% level @ 5656 Support
5739 February balance point...
Price action this week:- a 2 day reversal down into the 3-day lows and bounce ....
therefore I favour a move upwards today, however I would like price to come down test support and then move higher....
Upside range is random, it's either going to continue higher into Friday, or it's going to remain range bound between those two levels....
I'm not expecting price to move below the 5-day 50% level, but after yesterday's trading anything can happen...
High risk trading longs below 5656...
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