Above 4588 and there is an expectation of a R42 rise, and a continuation towards the 5-day highs @ 4633, and a view of a move into 4656"
Premium Trader
SPI Weekly and 5-day pattern
Today was set up nicely with the 2-day stall pattern on Monday and Tuesday, and expected UP move from Wednesday with the break of 4588 and rally into the 5-day highs @ 4633
The expected move into September's highs playout out @4656, but with Wednesday's breakout, I would expect higher prices:- break and extend pattern on Thursday
SPI monthly
3rd Quarter pattern from July’s Thrust pattern has completed @ 4664.
My preferred pattern was SET-UP A:- resistance @ the Yearly 50% level @ 4455 and move down into support levels and trade higher from the 4th Quarter.
However, SET-UP B played out, when the Weekly timeframe closed above the August highs @ 4313, setting up another breakout and extend pattern towards September’s highs @ 4656
US markets still short of their September levels, and a 5-day high Breakout on Wednesday should see higher prices in the short-term.
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