SPI Primary Cycles
The Australian market remains above the 2013 Yearly highs @ 4853
whilst it's above this level, there's an expectation that the trend will continue with the break & extend pattern into 2014 Yearly highs :- 9 months away
SPI Monthly & Weekly cycles
Monthly cycles showing weakness, as per Weekly Report. There's also a breakout of the Weekly lows @ 4906, which often suggests that the trend will extend downward into this week's lows.
The only pattern that might see a rise, is the Friday low support @ 4884.
This pattern often leads with a 2-day rise to start the week off. (8th April 2013)
The Australian Stock market began the week with a 2-day rise, helped by price being above the Yearly highs. This put the trend back above Monthly cycle support, and now there's an expectation that the trend will continue upwards:- 2-month trend towards the MAY highs.
If that's the case, then next week's 50% level @ 4970 is the trend guide & Support.
