SPI Daily and intra-day chartsYesterday opened above the 5-day highs and the expectation was that price was more than likely going to rotate around in 44 point ranges.
Today will move back inside the 5-day range so there will probably be much more of a 'range' day than yesterday.
However we still need the 44 point range from yesterday to complete before we move into the 5-day range for today.
Wednesday:-
Price is coming down from the higher Spiral point so the expectation is that price is going to move down into an R44 low before the market decides on the direction of the day.
So I want to be focusing on shorting the market early into an R44 low from a higher spiral point @ 5406.
But, at the same time price could actually move up into a 2nd higher Spiral point around 5418 before it comes down into an R44 low.
Basically I have two views on today......
If price comes down from yesterday's spiral point @ 5406 there is probably more chance of a price moving higher towards the Weekly highs @ 5443 (resistance)
If Price pushes down from a 2nd Spiral point @ 5418 then I would favour a move back down into yesterday's 5-day level @ 5352.
Therefore I'm focusing on looking to 'short-trade' down into an R44 low, after that I don't have an overall view for the rest of the day other than using the previous 5-day levels as RISK levels.
Note: I won't be looking to trade Longs if price is trading below 5352 because of the view the market is moving back into the 5-day 50% level.
And there is a possibility of moving higher today into 5443 and the Weekly high range.
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