Resistance levels are based on the 5-day 50% level @ 3808
Based on the 5-day pattern, the expectation is price is moving down to complete the Range continue down towards 3747…
Above 3808 and potential up move towards 3836"
Premium Trader
SPI Weekly and 5-day pattern
I started the day with the expectation that price had to rise up into 3807 and then sell down towards 3747...
Early price action played out with the lower daily open:- rising up from the spiral low @ 3762 towards 3807, there was some resistance, but when price started to trade above 3808 the bias was to continue up towards 3836.
A couple of days ago I mentioned that I was looking for a 2-day UP swing once the previous daily high and 5-day 50% level cross-over ooccured, and today was the day...
However, I wasn't expecting today would be the day, as it didn't hit 3705 first.
It would have been a more probable pattern at the start of today if 3705 reached yesterday or the day before, and then look for the confirming pattern on the break after today's lower open.
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