Short

Shanghai composite Class A Index: Uptrend signal failed

Updated

The 7 week uptrend present in the index has failed. Now we expect price to drop back to 3339.463 in the coming 7 weeks or earlier. Minimum target would be 3542.160. If it were to drop below 3339.463, it might reach my 8 week downtrend signal's target below, but for now it's early to say.
Price sits right under the 52 week moving average and has clearly found resistance and lost momentum.
Good luck.

Kind regards,

Ivan Labrie.

Trade active

Perfection.

Note

After the strong 2 week selloff, it would appear as it's ready to break above the resistance.
If it does we might see a lower high top soon.
I'll update when possible.

Note

Downtrend confirms this week.

Note

It'll be interesting to see the reaction to 3339 when hit.

Note

Sadly, I was right.

Trade closed manually

Potential double bottom, or at least time for retracement and more downside.

IvanLabrie

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