The parallel local title would be All Ords (XAO) 5000 because it's a round number and it sort of the end point of a long term linear trend.
Adding complicating factors of a Chinese slowdown in demand for materials is household debt bombs sitting under house price declines , EU bank risk, emerging market corporate risk and sovereign default risk. These risks existed prior to Trump's spat with China and will be there after that spat is resolved. Maybe I should be calling "XAO 4000" or "XAO 3000".
Where the bottom point turns out to be is in any case be way beyond the control of local pollies and bureaucrats.
cheers
