Yesterday was a breakout of the 3-day cycle (white line).
More often than not price usually stalls for 2 days before heading higher from a lower open the next day :- 2-day stall & 3rd day up move.
SET-UP A:- Weekly 50% level resistance pushes down into 3242 and then continues higher towards the 5-day highs:- 3293
Break of 3238, and part of a 2-day stall pattern"
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SPI Weekly and 5-day pattern
Thursday had two conflicting patterns:-
1. A breakout of the 5-day highs normally goes chasing the 5-day highs in the next day.
2. Weekly 50% level resistance @ 3271 and a break of the 3-day cycle normally stalls for 2 days.
Price started with a move up into 3271 which provided the first set-up back down into 3242.
If the market was going to continue towards 3293, then price should have remained above 3238-42.
Once that failed the SPI moved into the 2-day 'stall' pattern.
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