SPI YEARLY AND WEEKLY CYCLES
There's a each way play at the start of the new Year.
1. pumps to the 2022 highs and reverses down
2. sells down into the 2022 50% level at 7118, stabilises and then moves upwards and reaches the 2022 highs in late March or April/MaY (previous Report)
The Australian Market looks bearish, it's below the 2022 50% level
and also in a Break and Extend pattern in January,
that can see the February 50% level form resistance and push price back down towards the lows.
The concerning pattern also begins in the 2nd Quarter, as currently it's supporting price (Yellow), but could end above price, pushing the trend down towards the 2022 Yearly lows in the 2nd half of the year.
However, as much as the Aussie market looks bearish, the US market is still above the 2022 50% level.
(Read the US Report)
