Seoul Composite

Seoul Composite broke the H&S neckline and is consolidating below it. the break of the blue line has more bearish implications based on the patterns measurement objectives. We are in wave 3 of C that is not yet complete. So a lot of recent news out of Korea and initially its market shrugged off the bad news on the way up and is now shrugging off the good news on the way down. This market is in trouble for its own reasons.

Karachi

Karachi Index started wave V of C down and has a long way to go. Especially as Wave C=A has to achieve 33000 and we are already in wave V so it could be pretty one sided. The next major swing low is near 30000. 

Nasdaq 100

The Nasdaq was the most important mover overnight. The trend reversal in the Tech stocks could end up being the final top of this move. So while the world was debating a triangle in the Dow, the Nasdaq completed a running triangle and took off to new highs in wave 5. Last nights decline therefore looks like wave 5 is over. This combined with the massive inter market divergence that the Nasdaq has with the Dow can mark a major long term top.

In the bigger picture the recent highs are all along the rising channel from the 2011 bottom. The yellow channel broken we are now watching the blue neckline as the breakdown point at 6660 for a free fall.

CBOE VIX

The CBOE VIX broke out of a triangle after making a higher high than where it was in Jan. If this pattern results in a trend we are looking at a huge expansion in volatility.

Turkey

Turkey, a great place for a Holiday, was at the center of the EM storm recently as its currency fell off a cliff. The equity market spent years in a triangle and broke out last year, Triangles are mostly wave 4 and wave 5 followed and after wave 5 prices go back to the wave 4 of lower degree and that is near 7000.

HANG SENG

Asian markets especially China appears most hurt in the recent decline in the market. Most EMs and SE Asian markets have been falling for days or weeks now. india stands out against all of that as of now. But these trends are just getting worse as we look at Hong Kong, that broke gap down its triangle and neckline on this chart. Much lower levels are coming. 27840 is the next important support trendline from the 2016 low.

Shanghai Composite

The Chinese Shanghai composite also gapped down below the lows in wave C=A goes to 2735. I used the word Lullaby because the last few years were not exactly exciting on this index and now it is breaking down again. So while US and China exchange words and trade tariffs, the Chinese market appears more vulnerable so far. The US is ignoring the circular effects of hurting world markets that combined make up for a lot of world GDP. Nothing makes sense right now but this is it.

Austria and Switzerland

The Italian MIB index closed positive yesterday. But if you think that the moves in Europe are only about Italy think again. The European markets have been hit by multi factor Macro moves. First growth slowing, based on research that I follow. Secondly a rising Euro [they like a falling Euro, that is why they buy bonds]. And then of course geopolitics of Italy and other Peripheral Europe. So when you look at charts across Europe you see the picture. Austria has already broken the neckline of a head and shoulders pattern as seen below. Neckline is at 3362, and the break implies a move down to 3000 is coming. Weekly chart.

Then look at Switzerland, yesterday it broke below the May 2018 low and the rising trendline from 2011. This after making a triple top at 9575, we are in a 3rd wave down from the recent top that can test the 7600 swing low. Monthly chart