XJO 6th of July 2011 Market Comment

The Aussie market is quiet and awaiting an overseas lead it needs to find direction. However looking at the chart the following observation can be made.
1. Triple bottom formation from March 2011 and a double bottom June/July 2011. Reversal pattern to the upside.
2.Momentum is still good with price holding at the top the power breakout candle
3.Pausing at the blue GM line which normally is nothing to worry about
4.Pausing at 50 moving average line (blue MA) which happens to nearly inline with the GM line (blue)

So what does it mean?

I believe that the market is bullish and a retest at the 20MA (red line) is on the cards. 
Profit targets:
short term =4669
mid term =4701 Red GM line
long term =4785

So lets see how it pans out.

Enjoy.

Disclaimer: Remember this is not financial advise or a call to trade the markets.