This analysis of Australian All Ords. (XAO) is for EDUCATIONAL PURPOSES ONLY. It is my view that, latest price action behaviour experienced with XAO has started the process of a MAJOR DISTRIBUTION/TOP. Bar marked as "Sign Of Weakness Bar" is likely to have follow through effect to higher time frames, in time off course. Distribution by smart money/better informed more often than not takes a while ( weeks/months) unless an inverse V correction is on hand. New highs with failed followed - through is also on the cards.
Unfortunately, one box PnF
count can not be taken due to a missprint by the software.This said, I have a short horizon bearish
price objective of 5847.50 at present from a properly constructed 1 box chart ( not shown).
Analysis continues with interesting times ahead.....