SPI Primary and Weekly Cycles
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)
There are conflicting patterns happening that it's hard to get an ideal set-up if we subscribed to the Primary Cycle 'Dilernia Principle' of continuing higher for the rest of 2017. (Double Bottom Primary Cycle low in the 1st Quarter.
The best pattern would have been the month of MAY moving down into the 2nd Quarter 50% level and then heading higher in June, but it's doing the opposite.
At the moment all we can do is trade Support, and that support resides around the Weekly lows and the June 50% level.
It's either going to hold or not.
Note:- there's a pattern in the S&P 500 to keep an eye on that will determine which direction the Australian Market will go, it called the 'No Control' Bar
