monday, page-22

Gday all,

SPI premium chart below with several things that I see coming into play.

1. The smoothed cyclical moves on the premium are running in approx 6 month cycles.
2. In the similar point in the previous 2 cycles (red vertical lines), we still had some upside remaining.
3. The time to reach the next peak from this point to the price peak in the past 2 cycles was approx 1 month + 1 or 2 weeks. So we may see a similar upside move in time to mid to late October. From there we have either sideways or downside (also this period leads into US elections), and I don't see us having enough time to test the April highs.