Some people are talking about bottom of Australian stocks market. Started from mid-December ’07 , we were seeing lower highs and lower lows forming. This is a downtrend, no? Well, looking from weekly chart perspective, we have in fact broken the last low (around mid August 07). OK, breaking the previous low doesn’t mean we are going to see a downtrend, but it gave a sign of weakness and uncertain of current trend.
So, is that a bottom? You might be right. But, I am not jumping into it. It looks more like a bear bull trap to me at the moment. Maybe I am blind? uhm…
Here is the ……CHART of S&P/ASX 200