spi update

Sup:4947,4924, 4884,4871-75

Res: 4985,5004*,5045*,5086

Whilst prices rebounded yesterday they remain within a three week trading range.

At this point we continue to see this range trading process as a consolidation within an unfolding downtrend that takes the market through the recent 4871 low, with wave relationships projecting 4504 as an objective where an important wave relationship occurs.

Gains through resistance at 5004 however, would begin to question this interpretation.

Alternatively, weakness through the 4871 recent low would create a minor breakdown and would provide a degree of bearish confirmation.