Argentina Merval

Argentina - just went kaboom, but that is rare, in the past currency crisis the stock market sold off a bit but then rallied a lot more. The currency devaluations was considered positive inflation for stock markets. but this time the bonds also gave up and the market panicked. But it maybe something else, a long term top in this stock market along with others that have topped already. The expanding triangle on this chart is typical of 5th waves and ending patterns. We closed below the expanding pattern so we can now project the pattern down to 21000. However by the time III=I and then wave V is done we could be down to 14000. The Merval index is in a bear market.