IHSG can test 6000

It seems IHSG is riding on a channel for the last 17 years+, whenever it reached a new high in Fib Channel it went down to test the channel bottom, or in 2 extreme cases exited the channel, (we can consider them black swan events). Now our current situation the Global sentiments are negative are driven by the Fed interest rate hike, Russia conflict, and China's supply chain challenges.
So In the short term, there is a possibility to test 6060 (which would be a drop close to 10% from the recent high).
But the good news is that Smart money is moving from US stocks to safer assets or value investments like Gold, Bonds, and Emerging economies like Indonesia,
Money is moving away from US Growth and Tech stocks or crypto, So there is less chance Indonesia would face significant correction.

So the bottom line is yes IHSG in short term can drop due to global sentiments or unpredictable Black swan events. but in the mid to long term it will only go higher. it should touch 8000 by mid-2023.

Anyway.. this is a personal POV , everyone should do their own analysis. and responsible for their decision.