(This story was originally published on August 3, 2011. It has now been re-published to make it available to non-paying members at FNArena and to readers elsewhere).

By Rudi Filapek-Vandyck, Editor FNArena

A Special Reward goes out to Daniel Goulding, publisher of The Sextant Market Letter, a weekly newsletter focused on the Australian share market. Goulding, who's an avid technical analyst with keen interest in history, philosophy and Elliott Waves, has been on the opposite side of most market expert and commentator views for a while now, telling his readers the Australian share market remains in a bear market and all those predictions about the index targeting 5500 and beyond are best to be ignored.

Goulding has an end-of-the-year target of 4500 for the ASX200, which against current market developments, seems highly plausible. This is not why he deserves a special mention. Ever since the share market peaked in April last year, Goulding has been predicting a sideways pattern at best, and certainly nil, zero, zilch chances of breaking above 5000 on a sustainable basis.

Gosh, I sometimes receive complaints about showing a lack of enthusiasm for the upside potential in Australian equities, so I can only imagine what kind of emails on occasion must land in Goulding's inbox. Picture this: while about everyone with a voice in Australia was predicting an up-year for Australian equities at the start of the year, and most forecasts were for robust earnings growth and expanding PE multiples,