Below and a part of a Friday close around the 4845
Support 4833-37"
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SPI Weekly and 5-day pattern
There was no probability pattern other than trading the 5-day pattern as resistance in early trading with the expectation that price would play the same reversal pattern as yesterday.
Because of the 5-day filters, today was about using 4885 as resistance in early trading .
As previously explained, October highs complete the 3-month break and extend patterns from July, and I would begin to look for another consolidation pattern or reversal patterns into the November 50% levels.
That will now depend on the S&P 500.
I made the assumption that a Wednesday high breakout will move higher on Thursday. I also made the assumption a couple of days ago that once the S&P reaches 1092 on Thursday, the 3-month cycle has ended and there is a potential reversal down.
I don’t know if that’s going to happen, but all I can do is work with the
lines of resistance, my ‘assumption’, the ‘price action’ unfolding, and
run stops accordingly.
Otherwise there will be another extended pattern upwards in October @ 5032 in the SPI, if US markets follow the continuation of higher prices on Friday
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