China - has seen its stock market fall and was in the news for all the wrong reasons. But the previous rally was an impulse. So does this breakout from a falling channel mean that wave 3 up long term has started? Either wave 2 is still forming in a complex wave, meaning it rises in 3 waves and falls again some more, or else yes the 3rd wave if started takes it to a new high. This will be an interesting market to watch as the long term counts bullish..