Above and the SPI could follow a 5-day pattern towards 4457.
This is based on the break from 4373 and the primary range target"
SPI Weekly and 5-day pattern
SPI back into the 5-day highs and the Yearly 50% level.
It's too early to tell whether there is a double top at this level until price is trading back under the 5-day 50% level.
If US markets follow the same pattern and move down on Wednesday, then the SPI could be opening below support tomorrow.
I was a lot more confident in the reversal down last time, even though
the exact same patterns of the 5-day highs have stalled price from rising previously
@ 4474 and 4457 today.
At this stage with the market nearing the end of August and trading above the August highs, a breakout and extend pattern in September can occur towards the highs using next week's 50% level.
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