Potential swing is towards the Weekly 50% level @ 4740 to 4772."
Previous Weekly report
SPI Primary, Secondary & Intermediate Cycle
The SPI has reversed back into the Weekly 50% level and 4772.
As pointed out in the previous Weekly reports, I would treat this reversal pattern as hitting resistance and then continuing lower, towards a double monthly low pattern April, that aligns with the start of the 2nd Quarter
The current price action is a retest of breakout of the Weekly lows @ 4772 and also the Monthly 50% level, which on most occassions will push the market back down.
However, the price action in the S&P 500 on Thursday suggests more gains, which can push the Aussie market higher in the short-term, if it begins trading above 4804.
Otherwise, my view is that the SPI can remain within the Weekly levels (white) over the next 5-days until the start of the 2nd Quarter & April
As we can see in the Primary and Secondary cycles, the market has come down and retested the Yearly and Quarterly 50% levels, and is now pushing upwards. If we followed the cycles of retesting support and moving outward from these levels, the 2011 target remains the highs @ 5093.
Therefore the Aussie market is either going to continue to push upwards next week, or it's going to remain flat over the next 5-days within the Weekly levels until the start of the 2nd Quarter
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