Those following the previous chart update in Shanghai Composite will know the widely tracked 3,257 highs we called live here all those months ago:
Here we are going to dig deeper for the final leg and one more time trade it live, breaking below 2,887 will unlock at least the 2,793. The congestion here will define the nature of the trend, if we break the 61.8% level it is sending screaming messages that a more material sell-off is underway; this move will be considered impulsive in nature and likely result in a 5 wave sequence to the downside.
If you are not already sitting on a few positions from our previous call it is very difficult to enter until we get the break at 2,887.
Best of luck all those in Chinese Equities.
Here we are going to dig deeper for the final leg and one more time trade it live, breaking below 2,887 will unlock at least the 2,793. The congestion here will define the nature of the trend, if we break the 61.8% level it is sending screaming messages that a more material sell-off is underway; this move will be considered impulsive in nature and likely result in a 5 wave sequence to the downside.
If you are not already sitting on a few positions from our previous call it is very difficult to enter until we get the break at 2,887.
Best of luck all those in Chinese Equities.
Comment:
As expected...We got the break...
Trade closed: target reached:
Great work!!
