The long term Australia ASX All Ords Composite Index (AORD) is at a 50% price retrace of the 1991-2007 bull market range. This index is similar to others around the world.
The correction of the final leg up from 2003-2007 remains below the 1×1 ascending diagonal – which is bearish. Price bottomed around 25% of the previous range time cycle at well below the 50% retrace level.
But price has bounce from the March low and is now at the 1×1 angle up from the low. This is short term bullish but the longer term charts point to weakness ahead. Any move below the 1×1 angle would signal the bounce near completion.
Charts courtesy of Stockcharts.com
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