I was going to post the chart for Shanghai Composite, which sits right on the support (may be breaking as of now today), then I found a chart that's worse: Japan's Nikkei.
3-year support was around 9,000, or about 50% Fib retracement. It's breached, and the effort to regain that support line hasn't gone anywhere. Now on the weekly chart, it is forming a bear flag.
The first target would be the March low of 8,227, then the full retracement back to October 2008 low of 6,994.
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9 years ago
I should think the answer may also lie in the Nikkei/gold ratio.
ReplyDeleteThe Mikkei has been stuck for 20-plus years. Call me when it gets over 20K!
ReplyDelete