11:15amSPI opened higher today around the resistance zone of the Weekly 50% level @ 5593...
This favoured 'shorting' because of the higher 'Spiral tops' and the lower gap closure @ 5551
However the Support I was looking for @ 5550 didn't eventuate, but continued down into the Quarterly lows again, and 87 points down...
We can see that any break of the 3-day lows, and it favours a push down into the Weekly .618 range @ 5362...
Around the Quarterly lows, and there was an R87 spiral point, and consolidation.
I wasn't going to trade again today, but when the market provided a 2nd R11 reversal around the lows I entered 1 lot long @ 5504 and exitted @ 5527.
If I traded 2 lots I would remain long with stops @ breakeven from my entry....
Now the rest of the day has a random outcome.......it can continue upwards or push lower following the overall trend of the market..
The past two lows, there was buying support in the market, but a lower Spiral point on an R44 provided a 2nd UP move into close...
Now for me to trade Longs again, I would need to see the SPI rise upwards today, come back down and provide a 2nd Reversal pattern from a lower R44 spiral point, otherwise I'm not trading again today....
Note: We can see the 5-day ranges beginning to come together tomorrow, this is either going to provide major swing patterns tomorrow, or a 'breakout' of the Weekly Range....
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