spi update

The market appears close to a high of at least medium term degree and a retreat that takes prices to a test of support at the 5267-80 region.

Sup: 5416,5385,5365*,5356

Res: 5433,5446,5476,5491

Whilst the market has continued to firm, it is possible that we are close to the completion of a minor five waves from the 5267 pullback low, to complete a larger five from the 4950 September low.

The interpretation suggests that the market is poised to begin a retreat that takes prices back to the 5267-80 region and potentially further, depending on how the advance from the September low fits into the larger structure from the 4758 June low.

Weakness through support at 5365 needs to occur to create a minor breakdown and to signal that a decline towards lower support is underway.