Wanna see another scary chart? This one is a little closer to...

Wanna see another scary chart?

This one is a little closer to home but just as scary. It shows a chart of the all sessions monthly ASX200 index.  As can be clearly seen below, this long-term chart shows a very similar pattern in momentum as it did during early 2008 when it fell over 50% from the peak.

ST target is about 4450 -4500 near the 76.4Fib retracement which should be reached by mid-year. However the final target is projected to be at about 1780 - 1820 near where the early 1995 low horizontal support line intersects a downtrend support line (2005 lows and near 2009 lows downtrend support line) during late-2017 to early-2018. IMHO the probability of this event occurring is high, however, several Fibo levels would need to be breached first for confirmation including my mid-year target.

Long-term momentum is strong to the downside here as it is with several major global indices. The current position of this charts momentum oscillators look very similar to many historically prior to falling over.  I've put my shorts on.  STFR..