All Ordinaries to see 3,365? Short-term to visit 5,727

A bearish rising wedge has been forming on the All Ordinaries -1.20% since 2009 (see monthly chart). A downside breakout will occur below 5,600 points, with a target of 3,365 points.

The shorter term outlook is likewise bearish . On 5 February a Heads and Shoulders breakout occurred, which was confirmed when prices met the neckline at 6184 points on 27 February. Since then we have had a symmetrical triangle breakout to the downside on 23 March. Prices may come to re-test this pattern, at about 6050 points, but the ultimate target is 5727 points. This is also around the bottom of the downtrend that has formed since the Heads and Shoulders breakout. Expect prices to rest here before potentially completing the longer-term rising wedge pattern to the downside
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