SPI Primary & Weekly Cycles
The SPI didn't follow a move down into the July lows, so it hasn't followed a 'Text-Book pattern' that often captures the next move upwards. Instead price has remained within the confines of the Weekly cycles.
TEXT BOOK Pattern:- 2 month wave pattern (July lows) or monthly support pattern.
As commodity prices drop the Aussie market is now following US markets (READ US S&P500 Report)
US markets are showing more upside, therefore the robust support levels in the Aussie market resides around 5547 in August.
I would still like to see those TEXT book patterns play out, and that might happen some weeks from now, as the market moves into a multi-week consolidation pattern (3rd Quarter Consolidation into the 4th Quarter)
