SPI Primary & Weekly cycles
As mentioned a number of weeks ago in my Weekly Report, my view is that the Australian stock market is heading towards 4800+
This was helped by the change in the Weekly cycles (White) along with price trading above the Yearly 50% level.
Even though there was weakness in US markets on Friday, I'm not sure it's going continue much further down.
Therefore the Weekly level @4505 will determine whether there's more upside during the 4th Quarter of 2012.
