Various commentators I have read have similarly prophesied a major fall. I believe that most of the time we follow the larger trends from the US so I tend to base my views on the SPX and DJIA.
If you have a look at those indexed on:
www.stockcharts.com (go to free charts and select major US indices or averages or whatever)
These averages were trending upwards and then turned around. The question as to where next is unclear because they appear to have broken resistance back up again. I will keep a watch on these but I expect they might go up a bit more before a sizeable move down in line with a five wave elliott wave downwards. I'm a bit new to this but I think that will mean a drop of at least 100 points or 10% below where it is today if the next wave down is similar to the first leg down - it is quite possible though that the drop could be more severe than that but that depends on how pessimistic the crystal ball becomes.
Keep an eye on the other indices as well though as a deterioration in Europe could well precipitate a drop in the US and OZ.
