However, my view is that the Australian Market will revisit the 2nd Quarterly 50% level over the next 3-months.
The move down will be helped by weakness in US markets..... (Previous Weekly Report)
SPI Monthly and Weekly cycles
The SPI didn't reach the precise April highs, as the downward trend gathered pace as US markets started to reverse down towards their own Monthly 50% levels.
The overall reversal target is the 2nd Quarterly 50% level 4196.
However, the April 50% level @ 4256 could form a random support zone for a number of Weeks ( further consolidation)
Next Week:- The Weekly 50% level @ 4300 will define whether there is a short-term upward move
and 4300 will also define whether the trend moves down into 4256, and as low as the Weekly lows 4239
