Asian markets are bouncing back and many did recently fall in and complete 5 waves down. So the first 5 wave decline can be retraced significantly. The Straits times index of Singapore shows such a pattern. It has moved up in 5 waves from a low which might be wave a of a counter trend rally. So far it has not yet retraced even 38.2% of the fall. So the move up can go on till 50% and if lucky who knows even 61.8% eventually. The 5 wave decline from April tells us that the longer term trend might have changed.