The rout on the DOW...again has allowed a re assessment of where...

The rout on the DOW...again has allowed a re assessment of where the ASX might find support. Futures markets already point to a savage opening next week.

So with the ASX 200 closing at 6936 on Friday my target for a bottom is 5747 or a 17% fall to come over many weeks for the ASX 200. (There will be violent reversals (bear traps) in between).

As for the Banks.........well they will be at the centre of the action. NAB at $28.06 minus 17% equals $23.30. If you look at the March 2020 low and the April 2022 high a 50% retracement equals $23.54.

As previously posted Banks are not a buy yet as the 3 of the things to consider are PRICE, VOLUME & TIME. An exact 50% retracement will not happen so pick your own bottom off of the charts.

Bank share holders need to re asses their habit of buying the dips (unless trading short term) and wait for this BEAR to go into hibernation, if investing for the long term.

Being a gran dad......have seen these routs many times before. All corrections are different and this correction which is in progress will be no different. Watch your cash.