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fib_1618

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As weekly breadth subscribers know, a downside price target was given on the June 10th of just under the 4000 level on Australia's All Ordinaries Index. But it should also be duly noted that the decline that took place the week of 8/9 triggered a classic Sign Of the Bear structure providing a longer term downside target of around the 1500 level on any price break below the 2009 lows.

Given that the XAO A/D line continues making all time lows, unless the Reserve Bank of Australia begins an aggressive campaign of cheaper money really soon, this kind of forecast would suggest a deep recession is just around the corner, no less, will give a whole new definition of what it means to be "down under".

More information on the SOB pattern can be found at http://forums.technicalwatch.com/post?id=1838170

Fib




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