[FXI] update

The model from the backlink is below.



The action has been a bit more complex than anticipated but still within the model parameters.  I've refined the internal count a bit based on the how the bounce has played out.  We are getting near the 38.2 fib which should provide some resistance.  If not then the 50 fib most assuredly will.

I suspect US market will turn back down when the Chinese realize that their leaders are full of shit when they recently declared the panic was over because they have the stock market selling under control.  Yes, after punishing a few who were selling short as if they controlled the markets, Chinese leaders have been strutting around acting like they saved the markets.

But if memory serves, Xi didn't see this crash coming but my models clearly did.   And while Jackie Chan (that's who Xi reminds me of) was busy panicking and attacking individuals to stop them from saying scary things about the stock market, I was calling for a near term bottom and a very significant bounce, all based on nothing but my wave model.  I'm especially proud of having called that inclining double bottom there.  But that bounce, according to my same models, is likely about over.  It might kiss the 38.2 fib, and it might even kiss the 50 fib from below even though that is not my primary model, but at this point I still model this as a dead cat bounce, albeit a very trade-able one.  I will say that due to the way the waves have played out I think a bounce to the 61.8 fib is a low probability now.  Highest bounce will likely be the 50 fib with a reversal at or below the 38.2 as the most likely outcome.

Now maybe I'm the fool here.  Maybe I'm the one who doesn't "get it".  But keep in mind that governments don't have half of my real world trading experience.  They are essentially con men who make proclamations and try to coerce things into happening.  I don't coerce anything.  I just report on the current movement of the forces of nature.  Nature always wins in the end.  So maybe I'll be wrong this time.  But I'm not the one who said that Chinese market crash would not affect US markets back in July, right before the DJIA just drove off a cliff.  So don't give government hacks any more credit than they deserve.  They literally don't know jack shit about what makes markets move.