Japan's Nikkei Index is currently trading just above the 17,000 level as I write this post and is down around 3.3% from yesterday's close. You can see from the Monthly chart below that this is around the same level just before the 2007/08 crash.
A drop and hold below 17,000 could spell another big plunge in this index and confirms what I mentioned in my post at the end of January. If it holds, this "island reversal" candle formation on the Daily chart below should produce some "interesting" results!
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