If the Range completes down then we have lower support zones:- 3844
Lower channel lows match yesterday's view that price would come back down and retest the breakout from Monday"
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SPI Trading around the Monthly highs.
Around these highs there is an expectation of resistance and a rotation back down towards 3740
Today's price action of a reversal down on Wednesday and into support is part of a normal pattern that often occurs.
Whenever there is a breakout of the 5-day high (Monday @ 3849), more often than not price will reverse back into the break, and validate the break and then continue with the Trend...
in this case higher
If the market is going to continue higher then 3844 is the level or higher open.
But because price is already near the Monthly highs in MAY:- 2 -month wave pattern... (3967)
You need to ask yourself.... how much more can the SPI continue higher in MAY.
If this pattern was occurring in the first month and just above the Monthly 50% level, then you are going to have more bang for your buck buying this level.
US markets are still short of their MAY highs.
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