Australian Stock Market Report 1st December 2014

The most robust pattern of the trend continuing higher is for the Trailing support (currently 5139) rising upwards and forming a higher Support zone in December, providing the next thrust pattern.

Previous Report

SPI Primary and Monthly Cycles

As we can see the 2014 highs have continued to form resistance since bouncing off the October support zone.

As mentioned in the previous report, if the market is going to continue higher, the December support pattern now at 5267 comes into play.

That means Support @ 5267 (24 hour market @ 5243), followed by a 5-day high breakout &  a weekly close back above  5399.

If that follows then we should see the start of the year push upwards.

It doesn't bode well if the market is opening below the 2015 50% level at the start of the new year, as illustrated in my books.
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