redback report, week ended 1/6/2012, page-4

We always look to the US for guidence as to where our market will head so here is a chart of the DJIA weekly.

Not all doom and gloom.

Going long when price reaches the the 50% fib line area at 1187 would prove to be a wise decision IMO

The s@p 500 has a 50% fib retracement of 1248 from the October low to the current high and a 61.8% fib retracement of 1207.

Watch these levels in the coming weeks