Sunday, 15 November 2015

ASX 200 all sessions makes lowest weekly close since 2013

ASX 200 all sessions trade last week made its lowest weekly close since mid 2013. The market is telling us plainly that it is weak and weakening.

Monthly chart shows the market continuing to grind through long term trend line support, and illustrates the scenario that I believe is likely to unfold over the next year. A decline to below 3000.

Daily chart next. I can see no reason to doubt huge downside potential for this market unless it can get above the neckline of the recent Head and Shoulders soonish.