SPI Daily 20th October 2011

Support 4175/76:- Weekly level and Thursday’s 5-day lows.

If below the trend bias is down towards the October 50% level @ 4109, with random support on the spiral filter @ 4137.

SPI Weekly and Daily cycles

Either price was going to find support @ 4175 and move up towards 4213 & 42 points…

Or support was going to fail and follow the next line of least resistance towards 4137 and most likely 4109 by tomorrow.

4137 provided a 21 point reversal, but because price is below 4175/76, then my view is that it will extend towards new dynamic lows by tomorrow (Friday’s lows)


 

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