Short-term confirming pattern would be price trading above 4772; - 42 points upwards"
SPI Weekly and daily rangeSupport:- May 50% level @ 4744 along with the single monthly lows at the same price.
short-term confirming pattern was price trading above the Daily lows on Monday @ 4769-72 , and the expectation of a 42 point move towards 4802
Medium term pattern is a 3-day counter-trend move upwards.
As per my view:- April rotation from the highs and reversal into the MAY 50% levels and now the expectation of a 2-month wave pattern towards the highs @ 5154-70.
Short-term:- 3-day counter-trend move upwards off these lows random length.
Word of Warning….
I like to verify my view with the same patterns in US markets, and that’s not the case as they aren’t near the same support levels.
This could result in two patterns….
3-week consolidation around these levels in MAY and then look for late month and early June set-ups in the Australian Market…
Whilst US markets continue to slowly unwind over the next 3-week and align with the MAY 50% levels providing potential Early June set-up
- Daily Trading Set-ups & Analysis
Posts
