MSCI Global ETF (Rands)

Update 8th June:

The same weekly chart as before (below) has generated an excuse for an Intermediate 5th wave (visible on a hourly chart) which, if taken seriously, gives a reason for the apparent madness and brings an end to this era of US created, led and sustained market anarchy. The chart was shown to the market's twitter account and was roundly shrugged off. Labeled as technikal schmetnikal. The internals of [3] are playing a different chord which sounds better to me. 

Turnings are seen as still being indicated for XAU/USD, USD/ZAR, J150, GLD, and SPX  although there are sure to be many more. 

From 27th May:

Here is a weekly chart for the Global MSCI ETF in Rands. It appears to have topped out of Cycle V. 

Primary wave [1] is longest and [5] is accordingly the shortest. It appears to be overly elevated like most 5th waves appear. And yet it tentatively awaits some further confirmation of the expected impact of the global lockdown madness or some second wave panic stations and does not want to leave its station without good cause.

On the other hand the hope is that the unprecedented liquidity injections can enable a resurgence of buybacks so as to create the false impressions as usual. More important is that the usual recipients of free cash can buy up the indices and then the economy can go do whatever it wants and zombie scarecrows will rule again.

To be expected after over a decade of the same thing. Most traders have never known anything different.