Note:- there is a breakout in December (December 50% level matched with red channel), this can act as resistance (along with 5338) for the rest of December.
A close above 5338 by the 31st of December, as occurred at the end of July, will help validate that Primary Cycle.... (24th December 2013)
SPI Primary Cycle and Monthly Cycles
The Market has moved down into 1st Quarter support @ 5066, after following the December break and extend pattern from 5338 (resistance) in the 4th Quarter & into 1st Quarter Support.
As noted in previous reports last year, the Primary cycles suggests the trend can extend up towards the 2014 highs, however that view needs to be validated with the current price action, starting with a breakout of the 5-day highs, followed by a 3-week high breakout @ 5122 sometime in 'March', end of the first Quarter.
Simply because, the current trend in this Quarter & now being below the 2014 yearly 50% level @ 5122, dosen't bode well for a Primary break & extend pattern towards the 2014 highs
