Normally we would use this to trade the market down, but looking at the price action over the past 3-days, Thursday looks like a consolidating trading day.
Depends on where the market opens today.
Ideally I would like to see a push down from 3477 , it's a higher open (spiral).
If the SPI moves down and completes the R44, then the weekly lows should be used as a trend guide @ 3426:- random support"
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SPI Weekly and 5-day patternMy probability 'short' set-up didn't play out this morning because the SPI opened lower than expected.
The SPI completed the 44 point down range and then reversed back upwards using the Weekly lows as some supporting leverage.
As I thought today would end up:- consolidating trading day
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