Follow The Leader
Asia was the first region to experience the Coronavirus and thus should be the first to see what impact lockdowns produced in markets.
What is the chart saying?
The was a recent Bear Div at the top of the price channel followed by a move towards, but not into, oversold. There is a lot of room to slosh around in that channel. Which is OK because the idea here is not a short but mid-term idea.
If momentum (StochRSI) can chop into, and then across, oversold conditions while also putting in a Higher Low on the price chart then a risk-on mentality should creep into the market.
The price chart and human sentiment would begin to rise as the momentum leaves its sideways chop for an upward incline over the 50 line on the StochRSI on its way to over bought.