ASX 200 short term rally is done

The short-term rally in the ASX 200 is done (or almost).

It looks exhausted at its current price of 7.057 points.
I may give a 10-20% probability of an additional 2.2% spurt up to 7,215, but the 10% rally from its June 20, 2022 low has satisfied my milestones and targets and I think the ‘fat part’ of the trade has been had.

I’ll wait for a retracement to between 6.740 and 6,820 and check on the velocity of the pullback before considering re-entering this Index.

August 11, 2022
by Rob Zdravevski
rob@karriasset.com.au