My cycle analysis indicates that I should closely compare the current topping pattern in financials with the bottoming pattern at the end of August 2010. The patterns should mirror each other.
The bottom at the end of August 2010 was a triple bottom for $Rifin. This time the topping process is sloped upwards as shown with the regression channel. The 3 required tops are in place now as shown in the first chart. The pattern indicates that a shoulder still needs to form to be comparable with August 2010. So the index should decline some more and then watch for a final shoulder.
After the shoulder has completed, then the cycle predicts the start of a massive decline for financial markets.