Downside would be 42 points, with a potential move and another 42 points towards higher timeframe 50% levels.
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SPI Weekly and 5-day pattern.
With today’s open below 4751 the expectation was that price would try and move down 42 points.
This was also part of a 2-day reversal pattern after a change of the 3-day cycle on Wednesday, and any further moves down would be towards the higher timeframe 50% levels (December)
Depending on the price action in US markets on Friday, I still have the view that markets will have one last push upwards next week and then probably top out for 2009.
Of course things change next week if price opens below the December 50% levels, but I don’t have a high probability ‘short’ set-up in the larger cycles to pre-empt a major reversal Patten at this stage during this 3-month cycle.
Only a short-term 2- day reversal during this Weekly cycle.
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