Australian Stock Market 7th August 2017

SPI Primary & Weekly Cycles

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  (Previous Report)

The Australian Market is setting itself for more gains into the end of the year. It didn't reach the July lows but it did find support around 5591.

There's are a few patterns that might play out..

1. Breakout of the weekly highs and continues to trend upwards into the 4th Quarter (October), helped by the double bottom on the weekly lows

2. does dip down into the August lows but then kicks upwards later in the month.

3. continues sideways into October and then rallies from the start of October.

Either way, the Australian Market is going higher.