Shanghai market is following its own course, it is very much different from the rest of the world bourses. It has completed its major wave (I) in August 2009 and it has remained in its A-B-C-D-E consolidation phase since then. Wave E may end around 2,800.
Australian All Ordinaries and French CAC40 have a rather bearish wave-count at this stage unless the wave (III) does not end here.
Dow is progressing well in its major wave (V). It can either take the form of wave 1-2-3-4-5 or it can continue with its current sub-waves to form vi-vii-viii-ix and so on until it reaches the magnitude of its major wave (I).
FTSE, Hang Seng and Singapore STI are having the same wave form similar to that of Dow.
Bursa Malaysia is lagging behind Dow by one sub-wave as shown below. Major wave (V) can either have 5 waves or 9 waves depending on where the Dow will end its current run. The worst that can happen is a 3% drop within a week in tandem with Dow if Dow goes for a 3% consolidation for its wave 2.
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