Australian Index Yearly chartsAs I've been saying for the past 10 months:- lower prices into 2009......
The only problem for most investors is:- the lower markets go in 2008 the lower 2009 will go, as it keeps pushing the market lower in the forward Yearly timeframe.
SPI Monthly and Weekly charts"SPI trading below October lows and expectation price will remain below these lows for the rest of this month.
Lower Weekly open therefore there is an expectation that price will rotate back towards the Weekly 50% level.
That could occur in the first 2-3 days, and then the possibility of continuing down towards the Weekly lows" ............20th October Premium Report
This Week the SPI traded outside the Monthly break and followed the timeframe with a 'test and Reject pattern' down into the Weekly lows.
Next Week:- much the same as this week, with the closing price next Friday defining the trend path for November and potential down move into November lows.
SPI 5-day pattern
Monday started with a move above 4063 and began the 2-day move back towards the Weekly 50% level @ 4340.
Once Wednesday broke the 5-day 50% level, the rest of the week followed the 5-day pattern lower.
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