SPI Monthly and Weekly
Expectation that SPI would hit resistance @ 4672-76 has played out.
The reversal pattern down into the monthly 50% levels hasn't played out, as 4602 continues to support the market this week
My expectation is for the trend to continue upwards in the 4th quarter.
However, the ideal pattern would be to see a rotation back down into the October 50% level:- form support and then HOOK back above 4584.
For a continuation up towards 4895 over the next 2-3 months during the 4th Quarter, as long as the market remains above the 4th Quarter 50% level
Next Week:- trend guide is 4658 depending on the price action in the US
if the market is below 4658, then I'll look for a 'short' trade set-up from Wednesday onwards, as part of a rotation back down
Note:- US markets have rallied on Friday putting the SPI above those resistance levels (4672-76) for Monday's open
My preferred pattern is not to see the Market continue to rally next week towards 4895, but that could be the case based on the price action in US markets.
