Last Friday Nasdaq closed at 2616 level, a temporary support level provided by the closing price of mini wave 4 in March.


If Nasdaq continues to move lower in the coming week by breaking the 2616 level in the early part of the week, it will further strengthen the hypothesis that we are at the early phase of a big bear market.



Since November 2011 Hang Seng has continued to set lower highs and lower lows. It has set a new 2011 low at the close of last Friday's session.



Hang Seng has broken the lower support trend line as well as the 22,000 support level on Friday. I expect Hang Seng to continue setting new lows in the coming months.