CBQ, the Claymore BRIC (Brasil, Russia, India and China) is illustrative of what is happening all over the place. Again from the recent Oct 4 lows , the unit price of this ETF has shot up in a very, very, clear a-b-c rebound. This is a corrective pattern meaning that the stock/unit will trade below the low from where it started. In this case a very similar a-b-c precedes this one, starting in early August. To have two such similar patterns usually means that they are of a different degree which is indeed the case in both the blue and brown interpretations. Both should go down soon.
By the way, the TSX is uncanny in it’s similarity. Apart from proportionately smaller moves , the moves are directionally alike. See below;
You can click on these charts and move them around if that is easier. Perhaps BRIC should be renamed as BRICC. This chart suggests a high close to 12750 , or just below that.