Previous Weekly Report
SPI Monthly and Weekly cycles
This week saw the market move into the support levels @ 3805-20, completing the break and extend pattern from 2 week's ago.
The completion of this pattern will often see the market rotate back towards the higher timeframe monthly 50% levels and the weekly highs, as noted in last week's report.
Next Week:- A weekly close above the monthly 50% levels and this Week's highs @ 4141 can often see more gains in the following week as the trend continues into next week's highs, and 4th Quarterly level 4262-97
Therefore:- simply trade on the side of 4152...
it's either going to continue upwards, or the next 5-days moves into a consolidating pattern towards the Weekly 50% level because of the price action in US markets.
And it's way too early to think that the Australian market will continue towards 4519+ during the 4th Quarter, simply because US markets aren't showing the same strength (Read US Index report)
