The rise and rise of Aussie market seems to be unstoppable since federal elections. Let’s look at the daily chart and see where we might get a high.

The market looks very bullish with only two groups of consolidations in June, both of them at very high levels with little retrenchments. There could be some signs of a top at since last break out at 6685-6691 with top so far at 4769. The reasons are:

  1. We have five waves in place since Dec 2018.
  2. The unsustainable angle of more than 45 of the last trend line.
  3. A bearish wedge (triangle) IF broken down.