At approx. 20:00 Hours Melbourne Time, SPI Futures are having another go at the short term resistance zone which prior 6 tests failed. After three tests, I usually surrender !
Can we crack this resistance to the upside breaking the back bone of the bear ? We may my answer would be. A reasonable chance that it may happen.
Interesting thing is that, we have an INVERSE HEAD & SHOULDERS PATTERN in the making which would be completed, if we are successful at this test.
This HEAD & SHOULDERS PATTERN is the WYCKOFF SPRING in our WEEKLY TIME FRAME CHART if successful ( published at one of the earlier XAO Weekly Chart Analysis Posts). I am a firm believer of a FOLLOW THROUGH even if the pattern is complete. Therefore, when we wake up in the morning and the SPI FUTURES complete this pattern, we will have to wait another session for it’s confirmation before we can get excited about it.
If we manage to see a neckline breakout with a follow through, that would keep the bigger trading range ( trendless price action behaviour in the medium term) alive and a potential test of it’s resistance zone thereafter.
Any notable updates would be forthcoming if when on hand.
For now, enjoy your evening.
Daily SPI Chart below.
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