Mid Term Correction Idea for SG market

SGP1!

Mid Term trade idea for SGX:SGP1
Due to the weakening dollar (DXY) testing a very strong support level, and Singapore market being negatively correlated with the dollar...
If the USD bounces above its key long term support, it would then mean that Singapore market would be in a period of intermediate correction.
Alternatively, if the USD breaks below it's key long term support, we would see the big boys (banks, HFs, AMs) move their money towards the cheaper assets across the EM countries. Holding USD denominated assets in the alternative scenario will erode the value of their portfolios.

Preferred Scenario - USD recovers and bounces above support, EM markets enter temporary correction
Short when SGX:SGP1 closes below 399.65.
Play the drop towards 378.00 for corrective wave A.
RSI also currently finding support and testing neutral level at 50%

Trade closed: target reached:

Mid term correction has reached my target.
Correction is most likely over. Would watch for any further weakness and see if correction could push deeper due to fear or it would be time for a recovery.

Thanks for those that liked this. Have a good CNY!