"Below the Weekly 50% level @ 3411 and this is still viewed as resistance.
Higher Daily open and spiral points will normally move down and back into the 5-day 50% level :- ideally a 44 point low
Any up trend normally begins from the 5-day 50% level and continues higher from a 44 point spiral low,
Therefore my ideal pattern would be a higher open and for the SPI to push upwards 22 points and into a higher Spiral point and then trade down into an R44 low:
A 44 point close below (HOOK) the 5-day 50% level and expectation price will continue down into 3301.
3301 and expectation price will swing upwards 21-42 points"
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SPI Weekly and 5-day pattern
SPI opened higher and moved up 21 points before reversing down into the 5-day 50% level @ 3360, missing my entry by 1 tick to short the open.
3360 was viewed as support for a move up towards 3411, but it had more chance if price was rising upwards from a R44 low.
Instead the R44 closed below support and this changed the view of any higher moves, as the expectation was to continue down into 3301.
Once price had reached 3301 there was an expectation of support and a 21-42 point reversal upwards.
Market reversed upwards off the lows but didn't have the entire follow through during the day session.
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