SPI 200 TOPPING AROUND 5600?

Hi Traders,

In my view the SPI 200 (now at 5572) is performing the fourth leg of a "Flat" pattern (daily chart) that could top just above 5600. If this is true, the subsequent leg of the flat - wave e - should take the form of a new downtrend to 5000-5100.

TARGETS

first up to
likely: 5583-5594
possibly: 5609

Then down to
likely: 5166-5147
possibly: 5108-5089

ELLIOTT WAVES

The weekly chart displays 3 major ways up (in blue, font 11), as it should be. Major wave 3 is almost completed. The daily chart shows the flat a-b-c-d which should be followed by a downtrend to 5166-5147 to form "wave e" as well as "wave 4" down (e4).

NOTE

The new wave "e4" can potentially move down to the area 4993-5019 (weekly chart).




monthly chart - click to enlarge

weekly chart - click to enlarge

daily chart - click to enlarge

4-hour chart - click to enlarge

1-hour chart - click to enlarge