Depends on where the SPI opens but it would need to open or move towards 3498 to confirm the R44 Spiral top.
If the Market opens lower, then we have an Open Trading set-up, and yesterday's level @ 3467 should be the trend guide.
Above the spiral top and less likely there will be a reversal down on Friday:- 44 points"
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SPI Weekly and 5-day pattern
SPI opened lower and pushed down into 3467.
Around this level I was looking for a move back towards 3498, as part of the shorting set-up.
Trade longs up and exit and switch into shorts.
Sellers appeared around the spiral top with the expectation price would continue back down into the 5-day 50% level:- 44 points.
The Reversal down moved 30 points, but didn't complete the entire 44 point range.
Once price reversed back up above the spiral point @ 3498, the market was probably going to continue higher into the close, resulting in a move back towards yesterday's highs.
Weekly Report out tomorrow.
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