SPI Monthly
This week has seen the Australian Market continue to be supported around the Yearly 50% level @ 4295 and swing back towards the Monthly 50% levels in July.
"I'm expecting a swing back towards the monthly 50% levels, but then the most likely pattern would be an entire Quarter that consolidates in a sideways pattern until the last month (September) of the Quarter".....Previous Report
Sadly, the precise Swing set-up didn't play out, as I was expecting the market to move slightly lower towards the July lows (support) before the up move began.
At this stage I still have the view that this Quarter will continue to consolidate between the monthly lows and as high as 4672.
SPI WeeklyLast' week view was a swing into the Weekly 50% level @ 4332 and a sell pattern down into the July lows (2 week pattern)
This began to play out until the S&P had closed above it's own Weekly 50% level confirmed with a 5-day high breakout, and the SPI followed the trend upwards.
Next Week:- trend guide the Weekly 50% levels.
If Above the market is pushing upwards and following the monthly swing.
If below then it is part of the consolidation during this Quarter.
