I'm still bearish on the market and as pointed out this week, we need to see a 87 point rise upwards and then trade the move down from the 87 spiral point high using the 5-day 50% level"
Prremium Report
SPI Weekly & 5-day pattern
SPI moved up off Thursday's lows and completed the move back up into 3451.
Expectation price would continue back down from this level, and it was looking good with a 44 point reversal, except the trend didn't continue lower.
This week the SPI has followed a number of 'text book' patterns.
From the expectation of an early rise upwards to a reversal back down into Wednesday-Thursday's lows.
And now with today's 'top', there is now the expectation price will continue downwards, as part of the Monthly trend using Spiral-Point trading and the 5-day pattern.
I'm expecting another move down next week:- 2 weeks down in February's lows
However, if US markets move up on Friday then the SPI is back above the Weekly 50% level which could actually see the SPI back towards the last weeks highs once again.
It’s not part of my view just yet, but I’ll certainly adjust to it based on the price action in the US.
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