As we start this week, we should look at the price action from the end of last week, as this will have a strong impact for the next few tradings days.
The all Asia except Japan ETF had been trading between 57/57.5 and the lower 61s. Last week we saw a sharp sell-off as prices broke through the 57.5 level by printing two strong down-day bars. Also note that prices moved through the 200 day EMA. The only thing lacking from this sell-off was a huge volume spike. But this could mean the big volume spike is yet to come.
The emerging market ETF was already below the 200 day EMA, making last week's sell-off more pronounced. Unlike the AAXJ chart above, this one does have a huge volume spike. Also note the shorter EMAs are now below the 200 day EMA.