"David hi and hope you are well and enjoying our summer in the UK.

"What significance do you place on the fact that both Brazil and Australia have broken beneath their Feb lows?"

David Fuller's view Thanks and I am, on both counts.

It is clearly a bearish development. Both declines now appear somewhat overextended so a pause may occur. However sustained rallies well back into the overhanging top areas would be necessary to indicate downside failures and a more favourable outlook.