SPI monthly and Weekly
SPI completes the reversal pattern from the April highs towards the monthly 50% levels in MAY.
As per previous Weekly report....
http://austindex.blogspot.com/2010/04/aussie-index-spi-3-april-2010-weekly.html
Therefore the market is trading around support and with the expectation that the SPI is moving towards the 2nd Quarter highs @ 5156-5170:-
higher high 2-month wave pattern into JUNE
Confirming pattern is a breakout of the 5-day highs and trading above the Weekly 50% level.
My only concern about this pattern failing is the levels where US markets are currently trading....
I'd be much more confident if US markets were also trading around their monthly 50% levels. (read US report)
