Monthly chart of the ASX 200 including overnight trade is shown below. The Elliott Wave labels and corrective trend channel from the 2007 all time peak illustrate the ongoing bear market, and show my preferred count for a decline toward 2500 over the next year or two.
Weekly chart zooms in to show that the market is testing trend channel support. Pending a close below that support, so long as any rally is capped by the 40 week moving average, I believe the scenario presented in the monthly chart remains on track. Needless to say, a rally is not required, just possible, and a close below support would give the bearish scenario a boost.