Resistance @ 4516.
A breakout of the 3-day cycle and the expectation is that price is moving towards Thursday highs.."
SPI Weekly and daily Range.
SPI moved down into the spiral filter @ 4478 and pushed up into the highs.
Once price began trading above 4516 I expected more upside because of the patterns in the higher timeframes :- SUPPORT.
Yes the buying came into the market, but only after the cash market closed.
SPI Futures.For those who have read my book:- we have a text book patterns in the Aussie market
Precise double monthly lows in February.
Quarterly 50% level @ 4463.
Breakout of the 3-day cycle @ 4517..
And upper target the Weekly 50% level.
However, the SPI doesn’t want to go higher because US markets don’t have the same pattern.
DOW futures
Instead price is butting its head around resistance levels (February 50% level), with the expectation that the trend will follow the same pattern and continue down into the lows
Normally a 2-day reversal into resistance would continue down, but that’s not happening.
Therefore, I give US markets 1 more day to make a move, because if Thursday ends up another consolidating trading day, then a breakout of resistance is more likely to happen on Friday (break of resistance and close above)
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