Wave 3 goes global
Its not just about Australia but all the world markets sold off yesterday especially those related to the commodity markets and many of them appear to be starting wave 3/C down. Not a pretty picture. Even as the CRB index starts a counter trend move up these markets look like they have been pushed over far enough.
Australia appears to have started wave C down at larger degree to 4987. The commodities sell off has not helped and probably triggered the start of wave iii of C if C is extended to 1.618 times prices can go down to 4700.
Brazil - After going up in 3 waves its testing the lower channel line and on breaking that would start a major downward sell off.
And Mexico after a 61.8% retracement. Go going gone.
RUSSIA I have covered before and todays fall further confirms wave 5 down started. Wave 5 of 3 of C yes wave C down is extending and the 3rd wave itself has a target of below 800 because 3 o C is likely to extend given the steep bounce in 2 of 3 and that wave 4 cannot overlap wave 1. Sorry for the technicality. But this chart is the scariest because its in an extended bear market which usually comes with all the social economic risks. A slow moving train wreck = Russia.
And why forget Canada.