“Depending on the price action in US markets on Wednesday, this current price action completes the Break and extend pattern from the previous Weekly lows down into this Week’s lows @ 4602.
Because of my view that the market is range bound this week, I now have the expectation that the SPI will try and swing back towards the Weekly 50% levels by Friday”
SPI Weekly and Daily range.
Yesterday’s low on Wednesday and today’s open above 4602 provided the first stage of price rising upwards, along with using 4611 as secondary support
Upside short-term target @ 4650, but sadly more buying towards 4668 didn’t eventuate during the day session.
1-day to go until the next month begins, and support levels for January disappear and shift lower.
However, there are still a couple of days to go until US markets move into February and they are still above their Monthly 50% levels.
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