As an update to the charts published near the start of December, we again look at the weekly charts for both the Dow Industrial Averages (DJIA) and the Australian All Ordinaries (XAO). The DJIA has broken through the important angle and is heading steeply downwards to the next bear angle. If it continues at the current rate, it may reach 5800 later in March or early April.
The XAO so far does not seem to follow the steep decline although it too has recently broken a support angle and downward movement is likely. The next support line (Yellow) is some way off. At this time, it is harder to make a call for the XAO - it depends on how deep the DJIA falls and how much influence it has on the XAO.
Posts
No comments:
Post a Comment