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It could very well be that the big Chinese / Japanese indices get something of a double whammy in terms of the present breakdown of the Western markets via Tapering and Emerging markets investment outflows. What will be of particular interest is whether the extended decline for the Shanghai index will accelerate, or of course whether the Nikkei will go with Dollar / Yen, rather than the breakdown in stocks in most other major markets..
Shanghai Composite: Ongoing Breakdown
Persistent, yet erratic progress within descending February 2013 price channel
Resistance seen towards 2,237 200 day moving average level
Risk retest of June 2013 support towards 19,000 over next 1-2 months
Hang Seng: Head & Shoulders Reversal
Clear post December head & shoulders pattern leading to latest breakdown
Unfilled gaps to the downside through 200 day moving average at 22,493 imply sustained downside move.
Risk of June support retest below 20,000 before any sustained recovery begins.
Nikkei 225: Bull Trap Retreat
January / February bull trap through former May 15,942 intraday peak for 2013
Island top formation backed near term bear argument
Risk of June sub 12,500 support test