Australia

What looked like an ending triangle broke out on the upside. The immediate alternate to that is to consider it as a running triangle [and triangles are 4th wave patterns], and anticipate wave 5 up. Now 5th waves can be large and Euphoric even on weaker fundamentals. More importantly the long term multi-decade chart shows a channel from the late 1980s and if wave 5 were to go back to the top end of the channel we are looking above 12000 for the index that is currently at 7100 odd.

On a more immediate basis Australia has broken out of the long consolidation phase in wave 2 and hit new highs in wave 3 where 3=1 now points to 8700 from the wave 2 low.