Trend guide @ 4046"
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SPI Weekly and 5-day pattern
Each of the reversals down in April, MAY, & June reversed down from the Monthly highs, but on each occasion they were matched by price hitting the 5-day highs on the same day.
If this is going to follow a similar pattern, then there was an expectation that price would push up into the 5-day highs @ 4077 and then begin a reversal pattern down towards the 5-day 50% level.
My trend guide was to trade longs above 4046, and then switch into shorts.
I also mentioned in yesterday's report that I'm expecting a higher move on Monday and Tuesday, and then looking for a reversal back down from Tuesday's 5-day highs.
Instead the SPI opened lower and moved up into 4046, which then became a spiral filter 'top' and it ended up a random pattern (consolidation).
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