China stocks 'to fall another 14%'
Tom DeMark, who forecast Shanghai Composite's bottom in 2013, says market's trading pattern resembles 1929 US crash
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CHINESE stocks will decline by an additional 14 per cent over the next three weeks as the market demonstrates a trading pattern that mirrors the US crash in 1929, according to Tom DeMark.
The Shanghai Composite Index will sink to 3,200 after plunging 8.5 per cent on Monday to 3,725.56 in the worst selloff in eight years, Mr DeMark, who predicted the gauge's bottom in 2013, said on Monday. That would extend its decline since a June 12 peak to 38 per cent.
The index's moves since March are tracking those of the Dow Jones Industrial Average in 1929 when the gauge lost as much as 48 per cent, he said.
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