On shorter-term scales, an impulse down is visible on the TOPIX (not shown). I am therefore establishing the fourth-fifth of the intended short position.
Tuesday 4 August 2009
Japanese Stocks (TOPIX) likely topped
Japanese TOPIX, on an hourly chart below, rose in a clear five wave impulse. I believe that the weakness in the index seen on Tuesday 4 August, following a nearly 90% up day in the US on Monday 3 August, heralds the coming top in riskier assets globally.
On shorter-term scales, an impulse down is visible on the TOPIX (not shown). I am therefore establishing the fourth-fifth of the intended short position.
On shorter-term scales, an impulse down is visible on the TOPIX (not shown). I am therefore establishing the fourth-fifth of the intended short position.
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