Emerging markets

Some of the EMs I covered show 5 wave declines now or are in the vth and we could see a near term low in the short term.

Brazil - a pull back to the 20dma cant be ruled out, a positive RSI divergence is supportive

Australia similar 5 down could pull back to the averages.

Hang Seng -Hong Kong is started v down today.

Shanghai [China] broke down further today below the wave i low marked below, so it looks like a market extending on the downside in wave iii of III. Target 1980.

Mexico continues to extend at various degrees and is incomplete on the downside.

 Russia - made a 5 wave down and bounced back to the 20dma so will it start III down or retrace more? 

The issue of extentions remains in most of the markets but after 5 down an a-b-c pullback to 20/40 day averages is normal.