SPI monthly and WeeklyExpectation of higher prices in December as part of a 2-month wave pattern upward during the current 3-month cycle.
As long as price remains above the December 50% levels, the bias is to continue higher.
Depending on the price action in US markets early next week, there could be early weakness in the first two days, but if price remains above support I’m expecting the market to continue higher into a higher Friday close.
Last week’s UP move and short-term reversal pattern down on Friday, is normally associated with the change of the 3-day cycle from a ‘sell’ into a ‘BUY’.
The market normally stalls and reverses to retest support levels and then price continues with the monthly trend.
Even though the UP trend during this month is expected to rise higher, (2-month wave pattern) I’m also expecting a larger trend reversal into 2010 (read previous reports).
Normally I can pre-empt those larger trend reversals in the market, but for next week I have the view of the trend remaining stable.
