Higher Spiral points on both the R87 and R44:- trade shorts.
Random support 3478.
A break of 3478 today and the expectation that price will complete the move down into 3437"
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SPI Weekly and 5-day pattern
SPI opened lower on Tuesday pushing upwards from Monday's support and completing the move into 3507.
This provided the ideal entry level for short trading down using the spiral techniques.
I also pointed out to the readers about the 5-day filter within the 5-day range, each day the lower channels were creeping upwards.
As each day provided support, I knew once 3478 failed to hold, then the completion of the Primary range of 87 points down into 3437 was going to finally complete.
As pointed out in the Weekly Report:- I'm bearish on resources stocks and BHP has closed below Friday's lows.
Tomorrow will give a good indication on whether BHP folllows the move futher down towards the recent lows in January 2009.
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