"A good trade would be waiting for a breach of last week's high and riding it up to the pre-GFC level of 6800 in 2007. The US markets are well above their pre-GFC highs so Australia might have some catching up to do.... Also the US markets do seem overbought so a correction might be likely."
Your chart shows extreme reactions to that 6,000 line back in 2008. Then the reactions to it softened in 2015 and 2017. So it looks like a break upwards is possible, and the 6800 target is logical. But as you suggest, we might be late to the party. Are we too late? If the US has a big pull-back, then we won't get to 6800. Also, China is a worry with its move to cleaner energy. They have a glut of iron ore and coal demand can reduce. Because of these doubts, I don't see ASX200 doing too much. Maybe 6,200. However, the guy from HML said global markets are a long way from the top, so if the rest of the world continues to rise, we might follow to some extent. Note that US markets are still in a strong uptrend on the weekly charts, and the recent pullback has been very small - just three small candles on the S&P500 weekly, and four small candles on the DJIA.
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