EPHE is still a short on this countertrend rally.

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We note that 2015's peak of 8100 has been shown by the bearish divergence based on the index price versus dollars.

Since topping during May 2013, the Philippine index has already been in a bear market. It's currently staging a relief rally which will be capped at the 0.75 level thereabouts.

This spread chart is only an illustration to short EPHE             and be bearish the Philippine markets from a longer term perspective
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