Finally S&P/ASX has acted on its bullish pattern. It takes little time to break 4650 levels which is quite good, if this bullish momentum continues then S&P/ASX has good chance to test higher levels. S&P/ASX is facing upside movement from around November and I have a feeling that it may take some time to break 4750 range. Therefore I will not be surprise if it again re-tests around 4650 levels in coming week and thereafter tries higher levels.
On the other hand I am still keeping the option of bearish pattern at around 4350. For coming week I will be looking around 4650 range very closely because if S&P/ASX breaks that then it has good chance to test below 4550 range.
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