Therefore we should treat the market as consolidating below the Monthly and Weekly 50% levels until Friday, as part of the 3-day change of cycle.
Today's trading will be based on the brown filter, either price continues upwards on Thursday into 4660-65.
Or price continues to follow the 5-day pattern and the 'reversal trend' down into Thursday's lows"
SPI Weekly and 5-day pattern
Because of the failure in US markets to HOOK on Wednesday (probable higher Weekly close)….
The SPI moved up into the higher timeframe 50% levels stalled for a number of hours and then reversed down following the 5-day pattern lower.
I would have preferred a move slightly higher on Thursday and into 4660-65
At this stage there is an expectation that price is moving down towards the December lows, but for the market to move down it needs the help of US markets to follow selling pressure on Thursday:- higher daily open and ‘sell’ resistance.
Otherwise it’s more of the same (consolidation) until next week’s open.
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