SPI Priamry & Weekly Cycles
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. (Previous Report)
The June highs has formed resistance and my expectation that the Australian stock market is moving into a 2-monthly wave pattern down into 5591 and July lows.
I would think this level is the ideal time to be getting back into the market with the expectation it is going higher.
look for 5-day high breakout to confirm
