Early trend guide 3778, but I’m not expecting too much downside as price is above the higher timeframe 50% level.
Monthly BP :- random resistance 3906"
SPI Weekly and 5-day pattern
Today saw early resistance @ 3778 but more buying upwards, as part of Yesterday’s breakout and continuation upwards, and price above the higher timframe 50% levels
Spiral top and matching 5-day high saw more short term selling at the close @ 3900
With the price action in global markets, it is now starting to look like a 'fake' break of the July 50% levels and markets are continuing higher.
However, I would need to see some consolidation for the rest of this week above the July 50% levels and a Friday close above this level to be confident that the market is heading higher and following the Yearly 50% level rotation towards 4400.
We then use next Week's 50% level as a trend guide.
There is a huge gap to the 3-day lows @ 3692, that price needs to consolidate for a number of days (3-5 days) above those higher timeframe 50% level before any potential higher moves next week.
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