It would seem as if the Shanghai Composite Class A index has topped for some time now, as it completed an explosive wave 3 advance, culminating in an ending diagonal triangle.
The correction that is unfolding is a very sharp zigzag, and it should reach the area of support below, where both monthly, quarterly and yearly range expansion bar support meet. This area happens to be my estimated fibonacci retracement 0.382 zone.
The quarterly time at mode analysis suggests the rally might continue after this intense but potentially termporary setback.
Regards,
Ivan.
The correction that is unfolding is a very sharp zigzag, and it should reach the area of support below, where both monthly, quarterly and yearly range expansion bar support meet. This area happens to be my estimated fibonacci retracement 0.382 zone.
The quarterly time at mode analysis suggests the rally might continue after this intense but potentially termporary setback.
Regards,
Ivan.
Note
2000 coming.Note
Monitor the movement here, upside is likely.
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Related publications
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.