SPI futures and 5-day patternSPI Completes the 3rd Quarter move into the Yearly 50% level @ 4455
That was my entire 3rd Quarter UP move play, which occurred much quicker than I wanted it to.
My preferred play was the reversal down from August highs @ 4313 and trade longs once again off support into these highs based on the 2 month higher high pattern.
This now completes the 3rd quarter move, and I won’t have a view until this month ends or even the next quarter begins.
Yesterday continued up from the 5-day breakout and the extend upwards into Friday's highs & spiral top.
Spiral top high and price completes the range towards 4404 random support (spiral filter 44, and now below 4455 (Yearly 50% level)
My view that whilst below 4455 it's trying to move back to retest yesterday's breakout.
And because price has stalled below Friday's highs, I would look for a 2-day reversal pattern early next week
However, that will depend on the price action in US markets, and by the look of Friday's set-up I can't see too much downside.
- Daily Trading Set-ups & Analysis
Posts
