starting drift lower. (Lower Weekly close by Friday)
Below 4516 bearish
Support 4476 (Wednesday)
SPI Weekly and Daily range
With Yesterday’s daily close below 4516 the bias was to move down into support levels on Wednesday @ 4476
Either 4476 was going to play a supporting role and remain in a choppy sideways pattern, or it was going to breakout and continue down.
A breakout of 4476 is seen as bearish, as price is rotating down from 4565 (August levels) and now also below the August 50% levels.
At this stage trend bias is to continue towards 4375 in the short-term, and possibly towards 4330 (3-Week lows)
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