Market Watch Weekly – Continuation Pattern Could See All Ords fall to 3800

By Dave McLachlan

Click below for the latest Market Watch Video (if you can’t see the video, click the link above) - See Terms Here

UPDATE:

A close below 4400 on the All Ords this week would signal a short term down trend that could go to 3800, according to trend line and continuation pattern theory.

We had previously thought that this prediction – also based on Elliott Wave theory – would not come true, but the market is about to give it a second shot! 

Check out the Video below for all the good stuff - but most of all have fun and enjoy!

Also this week, head and shoulders patterns are forming on the FTSE and Dow Jones – usually a market topping pattern, however there is a LOT of support at 10000 for the Dow and 5000 for the FTSE.  Someone or something is keeping the market above this level – and if if breaks by too much there could be a significant snow ball effect as stops and margin calls get triggered.

Not to mention guys – September is statistically the weakest month in the share market – it is where the carnage last year started (ending in March).  Most people think October is the weakest month – while 2 major crashes have occurred there, September statistically remains the weakest.

As always, thanks heaps for checking out ASX Market Watch – Subscribe in the top right hand corner for weekly updates! 

Of course please do your own due diligence - a great place to start is the free trading and investment course on this site.  Check out my personal Trading Diary if you want to see me practice what I preach. 

Happy trending,

Dave

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August 21, 2010  Tags: , , , , , , , , , ,   Posted in: Market Watch Weekly

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