XJO 0.99% 7,896.9 s&p/asx 200

SPI ... Update ... Looking at Hourly you can see 'She' found...

  1. 2,573 Posts.
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    SPI ... Update ... Looking at Hourly you can see 'She' found support earlier this a.m. near the(thick black) T/L I have shown after trying to breakdown. The question now becomes whether the sideways pattern over the past month is merely a continuation pattern(thus we should resume the overall upwards from near present levels) OR indeed a more sinister (S/T) H & S topping pattern.  If it is the latter then its MM comes very close to our next higher degree 423.6%Fib extension(1st leg down from the 5488.5H) of which we have gone below the 161.8%Fib(by some 30+pts) and presenting backtesting that. Remember, our lower degree Fib range(423.6 ext'n) has already been met and retested this a.m. also adding to the "question mark" of our next tradeable move.

    I guess I'm favouring down from here(because of that 30pt break below the 161.8% made reference too).

    See how we go overnight and tomorrow ...

    SPI_fibs_241016_Hrly.png
 
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