SPI Futures Australian Stock Market 8th MAY 2016

SPI Primary & Weekly Cycles

Short-term target is the April high and the 2016 50% level :- Random Resistance.

Note:- the Australia Market remains in a Bear Trend whilst it's below the yearly 50% level, however if we subscribe to the Dilernia Principles of Primary Trends we need to look for patters that suggest the trend will continue upwards into 2017, as part of this years lows. (Double Bottom)

  

Whilst the 2016 50% level may or may not stop the trend from rising, the APRIL 50% level is now seen as Support  (Previous Report)

MAY highs and 2016 50% level stall the Australian Market, with the expectation that price is moving back down to retest the 2nd Quarter 50% level @ 5090

If the Australian Market is heading higher, this level needs to hold in MAY and continuer higher in June.

Keep an eye on the Weekly lows @ 5142, any breakout of these lows and treat the breakout as an Extend Pattern into next week's lows.