SPI MonthlyThe Australian index completes the move into the March 50% level and stalls after reversing upwards from the Monthly low (support) pattern in March.
These 50% levels are and have been major trend guides, as all trends originate from 50% levels and then extend outward.
But more importantly it's the Quarterly midpoint that's going to let traders know the trend direction:- does it continue higher or continue down into the Yearly low targets?
I still have a lower Yearly target to complete the Primary trend, but it wouldn't surprise me to see the market move up from April and into the 3-months highs.
I mentioned week's ago that an early move down into the Monthly lows could provide a 25-30% up swing in the market, and if that's the case that move would take it into April's highs.
SPI Weekly
At this stage there is still over 1 week to go until April begins, and I'm looking for next week to simply move into a 5-day sideways pattern, with the Weekly 50% levels supporting price and the Monthly 50% level resisting price.
There is a breakout of the Weekly highs, and normally price would continue with the break and extend upwards.
The potential to continue upwards in April should find support around the 5-day lows and Weekly 50% level and have a higher Weekly close.
If these lesser timeframe support zones (Weekly 50% level and 5-day lows) don't hold, then the Monthly 50% level continues to be a major rejection pattern to lower prices from the 2nd Quarter towards the Yearly low targets around 2770.
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