SPI Monthly and WeeklyExpectation this week would rise upwards in early April after a 3-day pullback to continue the UP move from March lows.
Whilst price is above the higher timeframe 50% levels then the trend remains up, and around the April highs would complete the move:- double monthly pattern Dilernia Principle @ 3845
The first target on the SPI this month was 3768, and if the SPI is going to continue higher then my view is the most robust pattern would be to come back and re-test the Weekly 50% level @ 3611.
Around upper resistance levels and a higher Weekly open next week normally favours a pullback into support.
SPI Quarterly and Yearly
As we can see the price action in the higher timeframes.
There is a breakout of the 2008 lows, so therefore the view is for price to make its way down towards 2780.
But not whilst it's above the 50% level.....
Therefore my view is based on what I'm looking at now......
Any potential higher moves would come late in the 2nd quarter from June onwards....
below the 50% level and it's down into the Yearly lows.
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