SPI Primary & Weekly cycles
As noted in the previous report, it was time to get out of the market once the SPI hit 6005 (overnight 6011).
As noted in the previous report, the next term long is around the BUY zone, which is currently 5482.
The current price action is very similar to the high reached in MAY 2013 and reversal down into the BUY zone.
However, the only difference between the two patterns is that the price action in 2013 was occurring within a break & extend pattern in the Quarterly cycles, whereas this current high is still part of the current Quarterly breakout @ 5691.
Therefore there is still the potential that the market has another go at a higher high in the 2nd Quarter as part of the extend pattern, and that will depend on the price action in US markets (S&P 500 Report)
But for me, I'd rather sit on the sidelines and wait for the pullback.