S&P 500 vs Shanghai Composite and DAX

I like to look at time and price separately. I'm rather comfortable saying the United States is topping and foreign markets are bottoming (with caveats like Europe's ongoing disaster). The problem is that these historic peaks have often been made with spike lows because of currency effects. A blowout move in the DXY amid a global bear market in stocks could produce extreme ratios. I used Templeton Emerging Markets (EMF) as an EM proxy. A 50-percent relative move would take it back to the 2000s high, but that requires a roughly 40-percent drop from here assuming the S&P 500 Index bottoms out around 3400. Not an impossible move if it was currencies helping drive stocks to a low this autumn, but this should be a culmination move. For example, I have short positions on EMs for October, but the next trade after that could be more of a long-term buy.