The top in the dollar is also a bottom for the Yen and a top for the USDJPY contract that has been the main driver for Japan. The Nikkie index therefore has topped at the end of 3 waves at 78.6% retracement of the previous fall and another move lower may have started in wave C down at larger degree. The lower end of the channel is at 13800.



Philippines - PSE Composite, fell in 5 waves before the recent bounce. It was mostly a counter trend bounce in what is wave C of a bear market. This market remains a weak spot in Asia. The recent rally in wave 2 stopped at the 50% retracement mark and till we stay below it we may have already have started the next major wave lower. The big Picture below also shows a head and shoulders pattern Long term. Chances are that the next move lower will now break the neckline. For something this massive to happen Philippines must be going through some major crisis in the Asian region.


Shanghai Composite

China starts another impulse wave down. Marked as wave 3, it has the potential to achieve equality of waves 1 and 3, 3=1= 2971 in the coming weeks. 3173 was the high for wave 2 that should hold.


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