Kospi peaked in June 2021 and since then it is in a corrective phase. In terms of correction, it looks like a complex correction wherein it has possibly done W-X-Y wherein Y = W level was achieved recently. Y = W level also coincided with 38.2% retracement level and for now, the Kospi index has respected this crucial support zone. The up move from the low would be important to track as it would determine if the larger correction in wave 2 is complete or wave Z will eventually unfold. Looking at the dollar index fall, the odds of the Kospi index bottoming out look high.