Therefore it won't take much for price to move above the January 50% level @ 4088 and swing back towards the Weekly highs, and then the 1st Quarter 50% level @ 4250 to 4292
SPI Monthly and Weekly cycles..US markets continue to move higher, and as seen with the Australian market this week, it didn’t take much for price to move above the January 50% level @ 4088.
Currently the monthly 50% level is supporting the trend, and if US markets continue to move upwards (Read US Index report), then the Australian Market will try its best to move upwards, as part of larger move towards the 1st Quarter 50% level.
The first sign will be price trading above the Weekly 50% level @ 4118.
As quickly as it has moved above the Monthly 50% level, it can just as quickly move back below it, as the larger cycles continue to suggest further weakness.
