For some reason the Karachi index become the first one to break the 2009 bull market channel. And it is not correlating with the rest of the world. This week it completed a 61.8% retracement in wave B. This means that wave C down starts. This means it will now bo below 37000 and mostly to C=A or lower near 33300. Now this is not good news for us because bear markets of larger degree mean deteriorating social mood in the neighbourhood and could lead to a rise in geopolitical tensions at the border in the coming year or two. This for us is then a new Macro risk.