There isn't a R42 'HOOK' close below the 5-day 50% level to confirm another down move on Thursday
Today is simply going to be defined by the spiral filter @ 4094.
Above 4094 and the expectation is a move upwards to complete the 42 point range high.
Once above 4115 there is a potential move towards Thursday’s highs @ 4163.
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SPI Weekly and 5-day pattern
SPI continues towards Thursday's highs along with a spiral top @ 4164.
Today's trading was a high probability pattern that just needed to clear 4115 today.
Yesterday reversed down into the 5-day 50% level @ 4099
And Today rose up from the 5-day 50% level along with a lower Daily open and continuation towards the 5-day highs @ 4164 and a higher Daily close.
Thursday highs are random resistance, but there is an expectation of higher highs into Friday, which might see the Weekly highs reached by tomorrow, and August highs early next week.
SPI 5-day pattern and spiral filter
Trending moves within the 5-day range is a statistical phenomena, however those moves don't always act the way we would like to see them act
Today was one of those robust trading days that provided multiple entries simply because of the R21 reversal patterns (spiral lows) in an UP trend.
And each pattern was helped by the Spiral filters along the way until the 5-day high (Thursday)
It's finally nice to see some intra-day volaility on the SPI because it has been totally lacking as of late.
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