SPI Futures MonthlySPI continues higher in April, as it travels towards the April highs.
The trend is defined by the 50% level, and whilst above 3552 the bias is to continue higher.
In the Monthly chart my April highs are further up @ 3916....
SPI Weekly
However, my target since the March lows and the double monthly pattern has played out with Friday's highs and a precise top @ 3852.
My expectation now is, price is looking to move down towards the Monthly 50% levels again.
But US markets aren't near their own Monthly highs, and the SPI could still continue UP towards 3916 in April.
Therefore, I'm looking for the SPI to begin to move down towards the Monthly 50% level but things need to be verified along the way.
First stage is price trading below the Weekly 50% level, along with a 5-day low breakout.
Until that happens it's still too early to tell whether Friday's highs was the top in the move UP from the lows March.
Dilernia Principle:- 2X Monthly timeframe pattern from March lows completes into April's Highs
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