The Australia 200 index is at an important level. The chart shows it is approaching the 11-year, post-GFC high. A break through the 6,380 level (blue line) would signal the potential for significant further gains. Alternatively, failure at this level, and then a fall through 6,285 (green line) could mean a correction is on its way.
An upward move would bring the all-time high around 6,850 into view as the next major target. Given general scepticism, and high cash levels, this may not please all investors. A breach of 6,285 offers mulitiple potential targets. The red line at 6,095 offers initial support. However a 38.2% Fibonacci retracement of the up trend in place since the December low would come closer to the key 6,000 level.