Here is my Elliott Waves analysis for 2318 on HKEX. I did it for all history of the group and believe that we are at the start of wave 3 of very very big 3 now, which means it is going to be multi-year rise, of course, if the count is correct.
After making a long correction, which I labeled as W-X-Y, the stock started to print a leading expanding diagonal. I detected this pattern in a number of stocks in China as situation started to improve with government support (JD is an example, see my previous idea).
I believe that correction is 99% behind as we gapped up today on decent volumes from the bullish flag upper edge. And this today's move pushed the price above 200 Weekly EMA and closed there.
Bullish cross of 50 to 100 EMAs on weekly is coming right now.
I don't want to wait for EMAs to perfectly line up as now there is enough evidence for we are set to go higher long term.
Full big picture labelling can be found here:
After making a long correction, which I labeled as W-X-Y, the stock started to print a leading expanding diagonal. I detected this pattern in a number of stocks in China as situation started to improve with government support (JD is an example, see my previous idea).
I believe that correction is 99% behind as we gapped up today on decent volumes from the bullish flag upper edge. And this today's move pushed the price above 200 Weekly EMA and closed there.
Bullish cross of 50 to 100 EMAs on weekly is coming right now.
I don't want to wait for EMAs to perfectly line up as now there is enough evidence for we are set to go higher long term.
Full big picture labelling can be found here:
Order cancelled
I spent some time on the recent price action and figured that it is not an impulsive movement in EW terms. Too many overlaps and waves do not contain 5 sub-waves most of the times. It looks like a wave B/X of the correction. So I sold my position and will watch from aside.Possible bearish flag as a red channel:
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.