Daily chart shows the ASX 200 has moved lower from the trend line drawn from the 2015 & 2016 peaks. All charts in this post include all sessions trade.
Now to look at the Elliott Wave structure, from hourly chart up to monthly. At all degrees of trend the ASX 200 looks to be in a 3rd wave lower. If so, strap in!!
Hourly chart shows the action from the peak at the end of last week, which coincided with the trend line test on the daily chart. Looks like the market has begun black wave 3 lower.
Weekly closing price line chart zooms out to show that the decline in recent days could be the beginning of blue wave 3 lower in the decline from July's peak.
Next chart is also a weekly, and zooms out to show that blue wave 3 lower in the previous chart could be part of black wave 3 lower in the decline from the 2015 peak.
Monthly chart next, log scale. Market could be beginning wave 3 of 3 lower in the decline from 2007 peak. If so, the market will head to below the 2009 low, probably inside a year. Let's see.