Exchange traded funds tracking China could extend their recent gains if noted technical analyst Tom Demark’s predictions prove accurate. DeMark, who specializes in turning points in markets, said a correction for the Shanghai Composite is possible this week before the benchmark index on mainland China continues to climb.

DeMark predicted a rally for the Shanghai Composite in June and said the next move higher could take the index to a level “much higher” than his last call of 2,323, reported Belinda Cao for Bloomberg. DeMark said the Shanghai gauge will meet some resistance between 2,313 and 2,348 before climbing higher, Bloomberg reported.

Emerging markets ETFs have performed better as of late have slumping for most of this year. However, China ETFs have been clear-cut leaders as investors have embraced the funds amid a spate of encouraging data points. China ETFs have also benefited from investors finally taking advantage of valuations that are well below those found on Brazilian and Indian equities. [A Fundamental Approach to China ETFs]

In the past 90 days, the iShares China Large-Cap ETF (NYSEArca: FXI) and the SPDR S&P China ETF (NYSEArca: GXC) are both up more than 15%, better than triple the returns of the Vanguard FTSE Emerging Markets ETF (NYSEArca: VWO) over the same time.

“The sharp acceleration over the past two weeks has introduced the possibility of a positive fundamental development which could extend the current rally into something more than one normally would expect,” said DeMark in a note, according to Bloomberg.

DeMark has been accurate on China in the past. In late 2012, DeMark accurately forecasted a rebound in China’s equity market. At the time, he said everyone was negative on Chinese stocks and the bears were exhausted. In late March, he said the Shanghai Composite could soar as much as 28% by September. [China ETFs Bounce as DeMark Predicts 30% Rally]