4279 is not out of the question while this market is so bearish IMHOLooking at the 50% ranges it has a very good chance.
These 50% levels act as important support or resistance levels.
For example - In 1929 the Dow Jones made a high at 386 and crashed to 195 or 50% before rallying to 297. What is so important about 297? This level is also 50% between the high of 386 and the low 297.
In 1987 the All Ordinaries index culminated at 2306 before crashing to 50% or 1151. It then rallied to 50% between the high and low and made top at 1785.
In this current phase of market activity the major low pivot point is 2666 and the major high pivot point is 6873. I doubt the All Ords will decline to 50% of 6873 or 3436 because there has not been 60 years since 1987. 60 years is the approximate time between the last three major crashes. However, it's highly likely the index will see 50% between the major range and find support near 50% or the half way point between 6872 and 2666 being 4769. That means the index has another 1000 to go. We shall see??
Check out the weekly All Ords chart declined to 5221 and rallied only to hit its head at precisely 50% between 6873 and 5221 or 6047. The market made a top at 6057 suggesting the first phase of this down trend is complete