SPI MonthlyThe Aussie Market has continued the move from the March lows, above the monthly 50% level and should be completing the move into the March-April highs.
Was that the low of the Market????
I don't think so, and Personally it's time to get out of any longs in the markets especially the financials.
I can't see the Aussie market moving higher than the April levels, and I would expect a pullback into the April 50% level.
And I won't be looking for a any Buying opportunties until MAY.
There are two plays in the 2nd Quarter:-
1. a Two month consolidating trading pattern, which can see MAY's lows finding support above the 50% level for another push upwards.
2. April collapse to complete my view of the Primary Trend down into 2780
SPI YearlyThe 2009 Yearly lows haven't reached , and this current price action that we are seeing is simply a corrective move of the 4th Quarter breakout 2008, and first Quarter reversal pattern from support back into the 50% level.
There is a breakout of the 2008 lows, with the expectation that the market needs to complete the larger timeframe pattern lower:- 2780
Along with the Quarterly level reversal pattern that is occurring now, price is simply retesting the breakout of the 2008 lows and should continue down in the 2nd Quarter.
If the Yearly lows are going to be reached, then the 2nd Quarter should sell off and April should be trading below support, and finally complete the move down in MAY.
Therefore my next long term swing set-up is based on the Month of May.
I'm comfortable BUying a higher MAY if it's above the April 50% level, because price can move towards the Yearly 50% level @ 4597...
But, I would prefer to wash out the market with 1 last push down to complete the move in MAY and buy into the market once again around the Yearly lows.
That's been my view all along, and this current upswing is simply a secondary corrective move in a larger Primary down trend.
Once that occurs, then that WILL BE THE LOW of the BEAR Market.
