All Ordinaries Index (XAO) report for week beginning February 28, 2005

It has been a few weeks since I posted my last report. The All Ordinaries index rose up and stopped on a turning date, February 7 at 4188.8 points. It has now been declining for three weeks and appears to be in the decline to its 20.5-month cycle low due before March 10.

For the market to continue its decline it shouldn’t take out the swing high of 4159.5. For a strong short trade we do not want to see it rise for any more than 2½ days. Once the daily swing chart turns down again the bears will pull the market down quite rapidly.

There is a turning date on Friday, March 4.

Until next week, many successful trades!


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