If that occurs then the rest of the day should be defined by that level:- R44 spiral low @ 3334
If it begins to rise upwards then we should have the expectation that the SPI is trying to complete a 87 point move upwards.
Below and it’s following the 5-day pattern lower
Expectation remains that the SPI is moving down towards the Monthly lows"
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SPI Weekly and 5-day pattern 16:10
SPI opened below 3365 and whilst price was below this level the expectation was that price was moving lower towards 3334.
Once that occured there was a random pattern:- either it swings upwards off the low @ 3334 or continues down into the 5-day and Weekly lows:- 3291 87 points.
The rest of Monday ended up consolidating, Rising up 44 points and then stalling.
If the SPI is going to rise 87 points off these lows and back into the 5-day 50% level, then it has to be on the back on US markets having an UP day on Monday.
Otherwise the view still remains down into the Monthly lows, and if it's not February's lows, it will match with March lows.
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