The Trend bias on the Aussie stock market is to continue to trend towards 4800+
SPI Monthly & Weekly cycles
The SPI didn't move down into Support, instead it rose up from the Weekly 50% level breaking out of the Weekly highs @ 4428
Once that occurred, the trend bias was to continue higher and follow the break-n-extend pattern up towards next week's highs.
The long term pattern is to continue up into 4800+ as mentioned 3 weeks ago.
The Short-term pattern is based on the October highs @ 4477.
If below that, then there is the expectation that price is refilling the breakout pattern and retest 4428
