The Technical View – Current Markets Resemble 2008, But Where Are We In The Cycle?
Over the last few months we’ve been looking at the large Head and Shoulders pattern across world markets, which veryÂ often leads to a reversal, orÂ a Bear Market. Â That is currently unfolding now.
Many markets – the All Ordinaries, the S&P 500, and the FTSE, broke through their supportive “neck lines” this week. Â Obviously not a good sign, and simply another check on the list for a downward moving market. Â Whether you follow Chart Patterns or not, it’s very hardÂ to argue that every market, including the BSE 30 and the Shanghai Composite, is in a short, medium, and long term down trend.
Shanghai was closed this week too – and the short term pattern we look at is a continuation pattern to the downside.
Check out the video for the full detail!
I hope you have enjoyed this post. Â Please leave a comment below!
– Dave McLachlan
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February 14, 2016 Tags: All Ordinaries, bear market, BSE30, chart patterns, looks like 2008, s&p 500, shanghai composite, technical analysis, technical view, where are markets heading? Posted in: The Technical View