SPI Trading 22nd May 2008 Recap

"The closer it is to 5766 the expectation price is moving back to 5802, which could see price back towards the previous 5-day lows @ 5826.....

I have to view price action in step formation using the 5-day levels in the market:- support/ rotation and extension.....”


Note:- Yesterday's break of the 3-day lows will eventually see a 2-day counter-trend move up towards into the 3-day highs.....Premium Trader"


SPI recap 16:30...

SPI pushed down into the 5-day lows @ 5766 and moved into a rotation pattern back into the 5-day 50% level @ 5880 and stalled.

A 2-day rotation pattern back towards the 3-day highs :- 5972

Will depend on US markets, but will be part of tomorrow's set-up....

Bear pattern:- opens just below 5830 tomorrow and begins to push down :- 2-day rejection pattern under the 3-day lows (5878) and continuation of the sell on Friday, as it pushes down from the Weekly 50% level @ 5830..