Anatomy of a falling market

On 30 March 2011, I wrote that we might be witnessing a replay of the 2007/08 market crash(http://asxindicator.blogspot.com/2011_03_01_archive.html). A little later I observed that the 'Japan earthquake' crash in March '11 had nothing to do with the earthquake and that something more sinister might be afoot (http://asxindicator.blogspot.com/2011/04/xao-indicator-turns-blue.html and http://asxindicator.blogspot.com/2011/05/el-momento-de-la-verdad-for-stockmarket.html). That observation turned out to be correct. I thought the rally from the March '11 low might turn out to be a 'sucker rally'. Indeed it turned out to be so. Now, I think this market has one more sucker rally left. The chart at the moment tells me we might test the August lows, but we really want to rally once more - up to maybe 4400 - 4500 on the All Ords. Check out the period from January to May 2008. That's what I think is around the corner - just one more bear rally - after that, you all know what happened. But of course that is 'crystal ball gazing' and my crystal ball is no better than anyone else's. The market could quite easily go ahead and crash right here.
If you are not scared yet, read on. I see things like this. The March 2007 correction was a precursor of the August '07 mini-crash. The August '07 mini-crash was a precursor to the January '08 crash and the January '08 crash was a precursor to a massive market decline leading into the global financial crisis. Well, the March '11 mini-crash seems to me to have been a precursor to the August '11 crash. The worry is that the August '11 crash was a precursor to something far more ominous coming our way in the next few months. And if that is not enough to scare the bejeebers out of you, consider this. It is quite possible that the whole 2008 GFC might have been just a precursor for something much more significant around the corner. I don't mean to frighten you, but one needs to be realistic. What I am saying just might come to pass.
OK, that's enough gazing at the stars. Here's today's chart. The 'make or break' at around 4075 continues to hold our market. If it falls below that level, I have said before we could be looking at around 3700 - 3800 before we get to the next support.