Dubai's appeal to delay its $60 billions debt payment has sent shock wave through Asia Pacific markets. Hang Seng Index of Hong Kong plunged 1075 points or 4.89% today.
Is this the beginning of the big C for Hang Seng
Or it is only a major wave (IV) correction. It is still the question of WHETHER the bear market that was started in the 4th quarter of 2007 has ended many months ago OR we are only half-way through the bear market. Dubai's debt problem is merely a timely catalyst to end the seemingly unending run for the major wave (III).
A possible wave count for Hang Seng is as shown above. It has completed its major wave (III), what is next? I think is (IV).
Not that bad for Dow, it dropped only 1.3% after 1 hour of trading, 137 points only, not bad at all despite of the Dubai debt fallout.
No comments:
Post a Comment