Today:- Based on the HOOK pattern I favour a higher move into 3660...
If it moves up then the Risk level is 3665.
If we factor in price following the Weekly trend down, then we could end up trading and move down from 3665 and down into 3575 :- 87 points.
Above 3665 and the probability of price moving down 87 points on Wednesday and following the Weekly trend lower diminshes greatly"
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SPI Weekly and the 5-day pattern
SPI moves up from 3618 and completes the move into 3660.
However, my expectation of a reversal back down from the channels highs basically didn't occur, and I knew that wasn't going to happen in the day session once price broke out of the channels after 3pm.
This resulted in a consolidation pattern and choppy price action around the highs and settling around the channels:- same pattern as yesterday's close around 3618.
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