SPI Primary & Weekly Charts (click to enlarge)
The Australian Market is now consolidating between the EXIT Zone of 6005 and above the 2014/15 highs, which is forming a support zone.
However, helping to keep the Australian Market around these highs is also the Trend bias in the US markets, as they push upwards to complete targets in their own Primary Bull Trends (READ US Report)
The Australian Market is now trading around the MAY 50% level @ 5761, but there is a tiny bearish pattern in the Weekly timeframe that could see a mini break and extend pattern downward towards 5688.
Like I said some weeks ago, once the Australian Market reached 6005, I'm more than happy to exit, sit, and wait until the Market retraces into the BUY zone once again.
I'm also bearish on GOLD, (READ GOLD Report)
