Though it could reach 7000 it would most likely only happen on the back of a halving in value of the Australian dollar (maybe due to rampant stagflation) so it would only really be 3500 in equivalent global terms.
There is so much fear around now that we may even see the All Ords testing 4500, possibly even 4000. I do however think the market would be extra-ordinarily oversold at those prices and any positive change in the outlook to indicate we were coming out the other side would start an incredible bull run back to over 7000, though more likely in early 2009 rather than this year.
Sitting waiting to see if BHP has a ridiculous fall back to $31 again ready to start another run.
Though it could reach 7000 it would most likely only happen on...
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$64.65 |
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