Chart of the day: Jakarta juggernaut

The astonishing returns of Jakarta's Stock Exchange Composite Index suddenly stopped in April, a possible US interest rate rise hitting all emerging markets. The Indonesian rupiah suffered, too, hitting 13,385 to the US dollar and its weakest since the Asia crisis of 1997-98. So far the correction to the index is an Elliott A, B, C type drop where C is equal to A and is supported by the trend line taken from 2008's low. It's decision time now: will these hold? Weekly Ichimoku cloud support might help, or wave C might project to 161 per cent of A. Many will be disappointed that we are back to year-ago levels and that the currency has simultaneously lost 16.6 per cent of its value.