China FXI
Updated
After hitting the low 50's twice and being met with high volume selling, the FXI looks to be heading down to the bottom of a mutli-year range at ~29. Where the FXI is headed after that is unknown. We could see a spring form at the bottom of the range then a move up, or a continuation of the down move to the lows of 2008. I think that a continuation of the move to ~20 is the most likely scenario.
Note
FXI looks ready to break the 61.8 fib. Target is $29, then 19.40. I think FXI will reach 19.40 easily. The way Xi is handling the trade talks FXI might go to 10.Note
The Chinese stocks are moving to the true value of their economy. I would not be surprised to see FXI around $7 in a few weeks.
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