EWH is the Hong Kong shares ETF.
The long term chart for EWH is bearish with multi month closings below the uptrend, after a 2 year double top.
The bag holders are sitting in the double top, waiting to get out and break even on any rally. Sadly this is unlikely now, and they could become panicked sellers soon.
The next cycle low is not due until 2023, so we should expect to see prices trending lower until then at least.
This week China will be voting on new security laws for Hong Kong, criminalizing public protests. If this gets passed and implemented, Hong Kong stocks could fall significantly and the $HKD dollar peg to $USD could come under significant pressure and potentially break, as capital moves out of Hong Kong, to escape the proposed new tyrannical laws.