In case you've missed it, FXI (China ETF) has topped at the end of July 2009 a little below $44 which represents a rise of over 100% ! China has bottomed in late 2008 earlier than the US Indicies did ! Now the opposite is occuring : China is topping out,and the US Indicies (Dow,Nasdaq,SP500) will follow suit ! My prediction is that FXI will retrace 50% of this whole move up before the end of the year ! I have highlited the downside risk in red ! My next target for FXI remains $32 (50% ret level) which also coicindes with the longer term support S1! You can either short FXI,or buy double short FXP(Double short FXI) or for the traders with "cojones" buy EDZ(Emerging Markets triple short) which also is inversly "correlated" with FXI.
