SPI Consolidation below the breakout zone of 5437, and price has moved into a 3-day sideways pattern...The 3-day highs have now caught up with Price, therefore a break of the 3-day highs and the expectation is price is moving back towards the previous break @ 5553 and the Weekly 50% level.
Today: higher Spiral point open and my view that price needs to swing down before it can go upwards from a lower spiral point.
Resistance 5437
This week we haven't tested the 5-day 50% level, and I'll be looking for a move towards the 5-day 50% level. Whether it happens today or tomorrow I don't know, but it's something to keep an eye on especially price rising up from an R44 Spiral-low.
At this stage I'm focusing on 'shorting' the higher open and looking for a move down, after that I don't have a view on the direction... price can continue down after the 3-day highs have caught up with price pushing the market down further, or it's going to swing upwards from an R44 low.
Note: trading times to keep an eye on are 14:36 as usual, and after the initial opening period around 11.ooam things begin to settle down and move into a rotation phase, where short-term 'scapling' trades can be taken if you are that way inclined. (9-11 point ranges)
If you are only interested in trading small increments in the market (between 6-15 points), sometimes waiting until 11am is the best strategy when the SPI settles and consolidates using the R44 spiral point as support/resistance.
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