Here's an update of the weekly Gann charts for both the Dow Jones and the All Ordinaries Indices. There are no new angles on both graphs, rather just the continuation of previous graphs. Over the last two months there was a significant change in behaviour in that since late January world markets have dived but has since recovered and is now almost at the January highs.
Looking at the All Ords, since late last year until today, it appears to be trading within a range. However, as the All Ords is approaching the previous two recent tops, there is a potential for a triple top soon. With the recent highs, it is also approaching the top envelope of the 20 day high. It's something to watch if it will cross the barrier.
The Dow Jones on the other hand does not appear to be range trading in such an obvious way. It has been climbing up to the January high, made a steep drop and is now about the same as the January high point. This is also something to watch if it will pass this high point or create a double top. Note that the current position is well clear of most of the Gann angles shown in the chart.
From a technical analysis overall assessment, the general trend is up. But from a fundamental assessment, there are worries about sovereign debts of several western nations and the strength of the recovery. As both types of analysis are opposing each other, it's time to wait and see.
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