SPI Monthly and Weekly
SPI trading around resistance and as per previous reports, for the SPI to continue towards 5170 the most robust pattern is to revisit the 3-month 50% levels.
This is based on a 2 timeframe wave using the quarterly timeframe:- the 3-Quarterly 50% level in the first Quarter and continues towards the highs in the following quarter.
And along the way following another text book pattern using a lesser timeframe & 2-monthly wave pattern, in this case the monthly 50% during this Quarter and another 2 month wave pattern upwards.
The reversal pattern from these highs and the expectation of a down move needed to wait until the DOW had completed it's break and extend patterns in April @ 11082, and because of this I'm looking for the trend to continue down.
And Orderly Text book pattern would be moving into the MAY 50% level and then heading higher.
However, it's not about the Aussie market, it's about US markets.
If US markets follow #3 (Read US report), then the Aussie market could follow another double monthly low pattern, but this time using the single monthly lows not the 3-month lows.
As we can see the first monthly low is @ 4686
