While I have discussed the relatively strong chart patterns in the EWZ, EEM and GDX vis-a-vis the SPYs, for instance, the iShares China ETF (FXI) just might have more going for it than any of the others. Does this mean that the Chinese economy is about to boom again at double-digit growth? Highly unlikely.

But from a near term technical perspective, the "sling-shot effect" in the aftermath of a 74% decline in value from its October 2007 peak at 73.17 to its October 2008 low at 19.35, coupled with the recent relatively positive chart action suggest strongly to me that the FXI is heading for 29.50-30.00 next.

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.