SPI Weekly and Daily chartsThe overall view was for the SPI to move up into 6065 and then reverse back down into June 50% levels. (Sycom high 6020)
I had the view that the SPI would reverse down early in the week, with the expectation that the SPI would open around 5878 on Wednesday (3-day lows), and then continue higher into the end of the Week.
However, the SPI opened below 5878 (3-day lows) on Wednesday and closed below.
This was the first step in a change of trend, and not just a pull-back in an UP trend...
Then the bear pattern played out:- 2-day stall under the 3-day lows and 3rd day rejection pattern down....
Both Support levels were the 5-day lows in both Wednesday and Thursday...
And Friday had a 5-day 50% level rejection pattern and continuation down into the 5-day lows @ 5708 on Monday....
As per the methodology:- support/resistance/ rotate and then extend outward.
Next week:- expectation that the SPI is rotating down into the Monthly 50% levels, but once again the SPI will move in the same 5-day patterns of Support/ rotate and then extend outward.
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