In the short-term, Australian index has broken out from the falling trend line and it is trading above its key moving averages. As per the wave counts, circle wave 5 can now unfold. Rohits momentum indicator is in bullish mode as well.
The Australian index pulled back to the 40WEMA and the weekly lower bollinger band and has bounced back from there respecting its crucial support levels. In this case, wave 3 was shorter than wave 1 and hence wave 5 is likely to be truncated. As per the channel studies, wave 5 in the Australian index can stretch higher to 8620 i.e. upper end of the rising channel.