Today:- Trend guide 4753, with a swing back towards 4779
SPI Weekly and Daily range.
As illustrated in my new book ...Price moves up into the Weekly highs and then reverses down into the Weekly 50% level…and then continues towards the monthly highs later in the same month, using the previous monthly lows as support
And this is the current price action we have in the market after finding support @ 4675 last week…
Followed by a move towards last week's highs, then yesterday’s reversal down into the Weekly 50% level @ 4741, and lastly today's move back towards the highs using 4753 as support.
First target today was 4778, and then the SPI continued from yesterday’s spiral filter low @ 4744 to today’s spiral filter high @ 4794. (pink to pink)
At this stage my view is that the market will continue towards the January highs…
However, the price action will be determined by the S&P remaining stable, which is never guaranteed at these upper levels.
As per weekly report in the S&P, 1291.75 has provided a 8.5 reversal from yesterday's high (1291.50) on the S&P. (partial exit)
I'm treating Tuesday as part of a 2nd day reversal, as long as it remains below the same level.
Otherwise the Primary trend will continue to push up towards 1300, and the DOW follows, as it lags with its own Primary cycle highs @ 11904
And the SPI continues towards its own monthly highs in January.
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