SSE China bottomed@2863;may retest it before an abc to 3500
SSE china composite index may have already bottomed at 2863.65 in April. It is now at my yellow pivot zone. It may go back down to retest the low.
2888 is a very impt FIBO level, exactly @0.786 retracement & is also coinciding with exactly 0.236 of my Fibo strategy on 2 separate retracements.
It is highly probable that SSEC may rally on early June. It may reach 3300 in early August before a long consolidation above the yellow pivot zone before another rally in early Nov2022 reaching as high as 3500
In 1Q2023. (A zigzag move)
If we see the Macro view in weekly Chart, SSEC actually finished wave 2 in 2005 at 1008.60. From there it zoomed up to 6124 ATH in Oct2007 just before the 2008 crash. From these 2 points it is actually making a very big wedge that is the big & long wave 4. The apex of this wedge has a definite destination. GUESS WHERE: exactly at 3500! It will whipsaw above & below the 3300 to 3500 zone for a while. It may reach as high as 3740 to 4000 before it finally breaks out of this BIG WEDGE to start the final wave 5.
Time to shine after zero-covid accomplishment.
Not trading advice
2888 is a very impt FIBO level, exactly @0.786 retracement & is also coinciding with exactly 0.236 of my Fibo strategy on 2 separate retracements.
It is highly probable that SSEC may rally on early June. It may reach 3300 in early August before a long consolidation above the yellow pivot zone before another rally in early Nov2022 reaching as high as 3500
In 1Q2023. (A zigzag move)
If we see the Macro view in weekly Chart, SSEC actually finished wave 2 in 2005 at 1008.60. From there it zoomed up to 6124 ATH in Oct2007 just before the 2008 crash. From these 2 points it is actually making a very big wedge that is the big & long wave 4. The apex of this wedge has a definite destination. GUESS WHERE: exactly at 3500! It will whipsaw above & below the 3300 to 3500 zone for a while. It may reach as high as 3740 to 4000 before it finally breaks out of this BIG WEDGE to start the final wave 5.
Time to shine after zero-covid accomplishment.
Not trading advice