SPI has reversed down from Weekly highs, but yesterday price remained trading above the 5-day high @ 5727.
Today is simply defined by the 5-day high @ 5727.....
A higher Weekly open and expectation that there is a high probability of a 2-day reversal, and if its' going to continue down today as part of the 2nd day, then it will continue down below 5727 and move down towards the 5-day 50% level
A down day has a random length, it can move towards 5674....
Because the price action is happening at the start of the week and from a higher weekly open, then I favour a continuation down into the 5-day 50% levels, but I won't fight the trend above 5727..."
SPI Recap:-
SPI opened below 5727 and pushed down into an R44 low, finding support and then consolidating for most of the trading day, as part of the 2-day stall-reversal pattern.
A bit disappointing today, because the previous higher Weekly opens have provided nice 2nd day reversal patterns back into the 5-day 50% levels on every occassion this year....
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