Thursday, 24 March 2016

ASX 200 rolling over to begin bear market's next leg lower?

Monthly chart reminds us that the ASX 200 began a bear market in 2007. It put in a bear market rally from 2009 to 2015. Last year's break of trend channel support signaled the end of the bear market rally, and the beginning of another big leg lower. 

Daily chart suggests that the market is rolling over at the top of a seven month old downwards sloping range. A break of nearby trend line support would signal that another leg lower of the big bear market is beginning.

Both charts include all sessions trade.