SRS and China

 China has pulled a couple of fast ones when everyone was focused on the EU finance minister's meeting, first the PBoC cut the Reserve Ratio for bans by 50 basis points, this is directly attributed to their real estate market troubles, then they made their exports more competitive with a tax scheme, but for our purposes, the real estate bubble bursting there is the topic and specifically SRS.

 I've covered the long term SRS chart ad nauseum so I won't go there except to point out the typical behavior of a wedge and the recent small changes in character from volume to RSI.

 Today's intraday move looks pretty solid, other then getting a little tight recently.

 The 30 min chart in the flat area after the wedge broke and SRS went lateral.

And short term it appears as if someone knew what was coming from China before they announced the RR cut for banks.

SRS is certainly worth a look here.