After a rotation into the Monthly 50% level, my view remains that the Aussie market is heading down into the Yearly lows @ 4538."
Weekly Report 12th July 2008
SPI Weekly Report
Market reversal off July's lows and a move back UP into 5100.
The reason I'm not expecting a major reversal this time compared to March is because of the breakout of June's lows. (5100)
This pattern will probably remain range bound for the rest of July and then the next move begins from August....
SPI Daily...
Last Week global markets reversed down from their highs, but this reversal pattern was just a rotation back down into the Weekly 50% level.
There is a big difference between a reversal down this week and previous weeks, it's occurring above the weekly 50% levels and not below.
Therefore next Week can continue higher:- lower Weekly open and rising higher after it's verified the 3-day cycle support on Friday.
"remaining range bound below 5100 until the end of July, and if there is going to be a 'pop' upwards into the monthly 50% level, then there is more of a chance that higher prices would occur from August."
So what's the POP?
The POP is the start of August defined by it's own level (balance point red dotted line).
If the market is going to rise higher and back towards the Monthly 50% level, then it's going to align with the start of August (SET=UP A)
If SET-UP A plays out then I'm looking for a move back down into the Yearly lows, but it might take a few weeks to unwind into a new down-trend.
SET-UP B:- is simply the down-trend continuing from August, which normally occurs with the market opening below the August balance point and rejects down.
SPI 5-day pattern
Day traders simply trade on the side of the 5-day level, using the 5-day filters along with the Spiral point trading set-ups intra-day.
- Daily Trading Set-ups & Analysis
