Technicals - ASX200 index - sell signal target @5075 reached, but no sign of a turnaround

The ASX200 index previously generated a technical sell signal as a result the 14/6/16 close below the 5300 support level, as detailed in mid-June Wire.(VIEW LINK) At that point the index technical outlook turned negative. The decline today has resulted in the nominated downside technical target located at 5075 being reached - which had been the minimum expectation for a pullback. The index technicals remain negative given there is no sign of a base forming emerging.