All Ordinaries a decline back to the origin of the ending diagonal at 461 is developing
A couple of weeks ago we saw a break below the ending diagonal support-line near 547 and not alone does this break confirm the end to the major correction from March 2009 low, but it also gives us the first target towards the downside and a time estimate for hitting this target.
When an ending diagonal comes to an end (breaks below the support-line), the target will be a return to the origin of the ending diagonal, which in this case is at 461.06 and the time estimate will be, within half the time it took the ending diagonal to develop. As can be seen on the chart it took 62 weeks to develop the ending diagonal and therefore the 461 target should be reached within 31 weeks or around mid-April 2015. We could see the target of 461 hit before this date, but it should not be later than mid-April 2015.
Longer term, I will be looking for a return to 382.94 and below towards the March 2009 low at 305.25, with the ideal target being 185.13, where wave [C] will be equal in length to wave [A].
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