FTSE / XINHUA 25 ETF (a proxy for China) is topping.

This ETF has become a popular way to express a view on China (it includes China Mobile, ICBC, China Life, Petrochina, Bank of China, etc.). I believe that both daily and hourly chart are signalling an imminent reversal of fortunes for this instrument (and with it, likely for the rest of the world's stocks).

FTSE/Xinhua 25 China ETF, Daily chart. Please note perfect equality of the "A" and "C" wave, as well as substantial MACD divergences against which new highs were made within the "C" wave.

FTSE / Xinhua 25 China ETF, hourly chart. The "C" wave subdivides very well into 5 sub-components, with a five wave move from "4" to "C,5" clearly visible. This suggests that the move UP is over.