SPI failed at the 3-day highs yesterday and reversed back down into the 5-day 50% level.The direction on Thursday is going to be defined by the above levels in the market, but first of all the last 44 point range bar from Wednesday needs to complete the range to get the first Spiral point.
For example: And this will depend on where the market opens, the spiral point @ 5227 needs to be pushed away 44 points to officially moving into Thursday's trading, so that's the Risk level on open.
Once the 44-point range is complete then the 5-day levels will be confirmed.
If the market is going to follow the Weekly trend down after the failure of the 3-day highs yesterday, then I would like to see the first 44 point range complete on the UPside to give me a higher Spiral point and 5-day 50% level to trade the market down.
If the market moves down on open and completes the R44 Spiral point, then this is a lower Risk level to be going long, as long as it matches the Weekly lows @ 5165.
Above the 5-day 50% level today and expectation is price is pushing back towards 5342
Below the Weekly support @ 5165 and market is moving down towards the 5-day lows.
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