Note:- there are breakout patterns (DOWN) in the monthly cycles, therefore if it moves up into 4945, my view is that it will move back down to align with the 'future' monthly LOW BUY zone, as illustrated in my book ( Previous Weekly Report)
SPI Primary & Monthly Cycles
The SPI has moved upwards and stalled around 4945.
If it follows my previous view of rotating downward from 4945, then 4796 should form support, and the future monthly support zone should come into play in early September, as it dynamically moves upwards.
However, if the market follows the Primary cycle, the SPI can continue to rise into 5069, close above it on a 'Friday' and swing the cycle around. This will once again form a Support zone around September around 4796.
