Whenever there is a breakout of the Monthly lows, price can remain outside this level for the entire month and then continue lower in the new Month (November)
But if it's inside the October lows, then the bias is to move towards the 50% level, stall, and that's going to depend on a number of factors....
If financials and resources stocks have bounced off their 4th Quarter lows, often there is a bias to continue towards the 3-week highs.If that's the case, then the 3-week highs in the Aussie market is trading around the October 50% level.
SPI 5-day pattern Today:- major gap open @ 4500
And trading around the previous bottom @ 4536 in the 3rd Quarter, which can become a resistance with an expectation that price will move back towards the 5-day 50% levels"
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SPI Weekly and 5-day pattern
SPI Trading below October lows, and today's higher open resulted in a move back towards the 5-day 50% levels.
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