spi update

NOT MINE.

But i think we have seen a temporary bottom today.

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The medium term outlook is negative.
On a short term basis moderately higher levels appear probable.

Sup: 5037,5016*,4982,4951,4922*

Res: 5077,5106,5125*,5137*,5162*

Whilst the medium term downside risk is high based on the interpretation that we have seen the completion of a major rising structure, today’s recovery is a positive short term sign and indicates the potential for further moderate recovery ahead of renewed downtrend; potentially towards the underside of the recently broken uptrend line situated at 5162.

Important wave relationship resistance occurs ahead of this at the 5125-37 region. The short term pattern will remain positive providing we do not see weakness through support at 5016.