My post on Thursday provided information on the EEM and the NKD...the following is simply a follow-up to that post.
Each candle on the chart below of the EEM (Emerging Markets Index) represents 3 days...the current candle closed on Friday. It has broken and closed below the neckline of the former H&S pattern (41.66) and engulfs the prior two candles after a backtest of the -2 deviation level of the uptrending regression channel that it broke through on the "gap breakaway" candle that began on August 4. This candle pattern is indicative of a continuation to the downside.
Below is a Daily chart of the NKD (Nikkei 225 Futures Index). Friday's candle closed below the downtrend line from the "pink diamond" pattern that I described in Thursday's two posts. Should the NKD continue down, the next support level is around 8200.
The last chart below is a 3-day chart of the NKD...it shows more clearly the potential for a continuation to the downside.
The downward momentum is still accelerating on both the EEM and the NKD...will see how next week plays out.
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