Two decade bubble burst Foreclosures 48% jump & Consumer Confidence 28 yr low
Bernanke Vows to Fight Inflation
~~China SSEC~~ market correction closing at 2868.80 down 3%
June 11, 2008 9:28:46 PM
~~ China SSEC ~~ recently pulled back 50% of March 2007 and topped on 10/16/2007 which I also noted the top at 6124.04 meeting the target of 6000 +/-.
http://trend-signals.blogspot.com/2008/06/blog-post_11.html
The recent US market price actions and other international market analysis, the China SSEC is showing a fractal formation of 1998-2000 Nasdaq price action which was followed by 50% correction in a few month, Mar-May 2000 50% correction of the 1998 breakout. The China SSEC corrected in similar fashion and it is trading at 3000 LT support which tested in April 20008. As noted, I think that it is better to see a significant correction as we are facing global hyper-inflation. Greenspan made huge two decade old bubbles after 1987 crash which I think that it is just a quick correction of 200% rally prior to the 1987 correction. We now have significant financial contraction in US; so, international market corrections are better than making bigger bubbles. Breaking the China SSEC 3000 pivot support will be another confirmation for a significant correction.
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