13:30pm
The SPI and XJO are trading around the .618 Yearly pivots @ 5313....
When we look at similiar patterns over the years we can see around these lows the Australian Market can be supported...
We can also see that a 3-year pattern lows can end up being down towards 4453 in 2008...
I'd be extremely surprised to see the Aussie Market down that low, without a consolidating pattern for a couple of months and a 'Sell-down' in the 2nd half of the year....
I've analysed the S&P to come down into 1234-40, as a area that I would favour a major reversal upwards from, this translates to about 200-300 points lower on the DOW..
The first sign of any bottom is going to be the move back above the 5-day 50% level, and then the break of the 3-day highs.
With the large gap between those 3-day highs and where we are now, it will take probably until next week for any valid support to be confirmed...
As traders, we simply trade the 5-day ranges and 44 point spiral points..
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