11:50SPI has come down into a 2nd 44 point spiral bottom @ 5755 after completing the Gap closure @ 5762....
Because today is a 2nd day of a stalling day, there can be futher weakness into the lower Pivot @ 5663 or it can swing upwards 44 points (another inside day)
Market had moved down into the Gap @ 5762…
And had found support around the Weekly 50% level @ 5766
A Bullish market will swing upwards and continue into an R44 high
4. Entry Long 5766 Stop 5760 (-6)
5 Entry Long 5767
Exit all 5776 (+9) (R22 high)
A bearish pattern will fail around the R22 @5779 and then swings down taking out the lows, as it follows the 2nd day stall pattern back towards the 3-day lows….
A couple of reasons:- trading below the previous R44 low @ 5786 and also the next 44 point range hasn't completed @ 5755
Moved into Shorts on the R11 reversal after the R22 high....
Entry 5769
Partial exit 5756 (R44 low) (+13)
Holding 1 with stop @ breakeven entry... (next exit 44 point downside completion @ 5723)
This will be my last trade today, it's either going to support the market around the R44 spiral low, or continue down into another R44 low (next exit) like yesterday.
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