Hong Kong has been in the news a lot and the market have reacted in kind. But are we now bouncing back in wave 4 or 2? Wave 4 would be nice but it looks like a retracement would go back into the price territory of the previous decline and so wave 4 would be violated. 1-2-1-2, might then be a better wave count. That said it is similar to the rest of Asia where we are in wave 2 bounces before wave 3 down can develop.