Welcome to my Australian All Ordinaries Index Report. This report is in no way indicative of what individual stocks will do but rather a general ‘crystal ball’ of overall market movements. Individual stocks often do not move in the same direction or the same magnitude as an index. To know what stocks to buy or what to sell you must do your own study and research. Please read the disclaimer below.
Since writing my report last week markets around the world have taken a bit of a fall. I wrote “The All Ords has a 22-week cycle from trough (low) to trough and it is currently in week 20. That indicates a short term drop of 316 - 556 points over the next 2-3 weeks.” (http://davidschirmerxao.blogspot.com/)
The All Ordinaries Index fell down to 6087, a 366 point drop … so far. It has met time and price criteria for the primary cycle. The challenge is that the market is also in the time period for a further decline into the 46-month cycle low, and even further into the 18-year cycle low.
My bias for this week is a short rally followed by a further decline to complete the primary cycle. The next few weeks will indicate just how bearish the market may get, or if it will have one last bull run.
Resistance on the way up is at 6203, 6258 and 6364. Support levels for the decline are 5994, 5518, 5043, 4568, 4092 ... and ... A highly probable date for the 22-week cycle low is August 3-6, with minor reversal dates on August 10.
Next report out on Monday, August 6.
Yours in abundance,
David Schirmer
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