Most of Asia has not been falling much with US equities since November because the dollar stopped rising and bond yields cooled off. But if US stocks keep crashing can this continue. This morning Shanghai broke the Oct-Nov low before bouncing back and Taiwan is trading below the Oct low. In other words the wave 1 low broken we should be in wave 3 already. If the dollar rally resumes after the recent dollar bottom then we the headwinds for EM will become more pronounced.