14:55SPI played the 'Hook' R44 back above the 5-day 50% level and is heading upwards into another R44 high @ 5431.
Can the market reverse down from that Spiral top???
It can reverse some points, but whether it's going to complete a full 44 point reversal is hard to image today.
For the past 2 hours it's remained at my Sell-zone this morning 5419-22 but I haven't traded any shorts around these highs just 'yet' since my last trade.
MY earlier short was stopped out for -8 points, the only sad part was that I had a partial exit @ 10 points (5486) but price only went as far as 5487 before taking out my stops...
All of a sudden what looked like heading down towards the 5-day lows earlier today, now looks to be heading towards the 5-day highs.
I'll take 1 more short today, but I would like to see the Spiral top hit and then use a 'reversal' bar to enter the trade, than just using the 'point' as an entry.
I have a sneaky expectation today's hook pattern doesn't look like it's going to show much weakness this afternoon.
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