SPI Monthly
SPI moved down into the March lows, and the reversal upwards was driven by US markets hitting the March lows precisely.
Expectation the Australian Market will continue towards the March 50% level, but it will then be defined by the April 50% level.
Either it continues towards the 3-month highs;- fair Value
Or because I believe there is a larger Primary down target in the 2nd Quarter, that price is going to be pushed down in the 2nd quarter before it finds a much more robust support zone in 2009 around 2770.
SPI WeeklyCross over of the Weekly 50% level was first confirming pattern that the lows in March were in, and price should continue towards the Weekly highs early next week.
SPI 5-day pattern
But the verification started earlier with the 5-day filter breakout @ 3162...
But more importantly, any change of trend begins with a breakout of the 5-day pattern.
This breakout on Wednesday leads to a higher close by Friday...
And trading around Monday's highs next week.
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