Shanghai Composite

As we come close to the end of a deal or no deal between China and the US, economic data only has deteriorated. However the decline in China was 5 waves from Jan-Oct 2018, and it was in a counter trend bounce. The Ew marking for it is an expanded flat, that has now retraced almost 50% of the decline. Wave C of the pattern can now be marked as 5 waves complete, so we could be close to a top or topped out for China. Shanghai composite needs to confirm this by a trend reversal which then will be a third wave of a corrective pattern, in any case that will be another 5 wave decline that takes the market below the Dec low.