Primary & Weekly Cycles
We are coming into the month of May that often sees selling hit the market.
Trailing support the monthly lows in May and the double bottom lows in June. (Previous Weekly Report)
The Australian stock market has come under some selling pressure, which is often the case during these months,
I still subscribe to the market going higher, but the ideal pullback zone resides around 6000-5591.
We can see the market closing around the June 50% level and often I would expect this level to form resistance along with 5834 (Yearly highs)
If I'm wrong then it could push as high as the Weekly highs, but there is still the expectation it's going lower before it goes higher.
