Looking ahead, China is likely to meet its growth targets, but it is not clear how rapidly China will re-balance its pattern of growth.

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The on-balance volume (OBV) shows a pattern of higher highs, line c, which confirms the price action.

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The pattern in the on-balance volume (OBV) looks toppy considering that while XLB was making higher highs, the OBV was forming lower highs (line d).

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The yearly on-balance volume (OBV) shows a positive pattern of higher highs and higher lows.

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The daily on-balance volume (OBV) shows a similar pattern as the downtrend, line d, is clearly intact as the OBV has made lower lows.

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The on-balance volume (OBV) also shows a long-term pattern of higher highs and higher lows.

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