SPI supported around Quarterly lows, and still remains in the 3-day BUY cycle.Lower Weekly open and there still the view that price can close higher this week,
This will be confirmed once price is trading above the Weekly 50% level @ 5593, and then the 5-day 50%.
Today's open and price has completed a 'hook' on the R87 range, this often can signal that a short-term low in the Weekly timeframe has been found, and a rotation back upwards towards the 5-day 50% level is about to take place...My High probablity pattern this week was the same price action as in the US on Monday, rising upwards from the Weekly 50% level....
" If it moves down on Monday below, then it's back to short-term 'RISK' trading, using timeframe levels and Spiral points.... Weekly Report"
We moved down on Monday, therefore Tuesday is about 'Risk' trading, because there isn't a high probability pattern.....
Tuesday:-
A higher open will have higher spiral points, therefore it's hard to go long on open.
A 'gap' closure of 5551 and rising upwards from this level or an R44 spiral low, would be something that I'd look for today, but it's going to be hard if there aren't any timeframe levels to use as Support.
My view today is short-term 'scalping' ATR ranges...
Note: If there is going to be a rotation down into a lower R44 spiral point - (5551) .... then my level of interest (resistance) is going to be the Weekly 50% level @ 5593
After today's trading the 5-day ranges are going to start to come together, and it will give a much clearer view on the market tomorrow......
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