The Australian Stock Market SPI futures 29th October 2011 Weekly

As noted in last week's report... keep an open mind that if the S&P 500 (US markets) continues up towards 1274... the Australian market could be around 4519 during November.

Previous Weekly Report

SPI Monthly and Weekly cycles

 The trend has continued with an upward bias since it crossed over the October  monthly 50% level 

three week's ago

A Break and extend pattern in the Weekly cycles (above 4345) should continue up into next week's highs @ 4463

Once that occurs I'd be looking for price to reverse back down into the this week's high, as part of retesting the breakout, and as low as 4298.

Once that occurs I'd then be looking for the trend to continue towards the 4th Quarterly 50% level @ 4519 & (Monthly highs)

Once that occurs,  I will then be looking for a potential larger reversal back down to retest the monthly 50% level in November, as shown @ 4190