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The ASX200 has managed to react up off the 6360 zone in the near term although remains in a downtrend on a daily basis. Once price broke down through 6903, it was a straight run into the 6415 area although fell a little short of the 6360 zone. The daily chart is showing just a correction off the lows and has the potential to at least push back down into the 6360 level or even move lower. In the near term, I expect that 6700 may see some sellers or profit taking capping the fun. If not, an extension into 6903 is a 50% retracement of the move down so will get the Fibonacci traders excited and potentially provide some resistance. Remember, some of the biggest rallies happen in a major selloff!!
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ASX200 Daily Chart
ASX200 Hourly Chart
