XIAOMI.....A glory future for the stock?

Hello Traders,
XIAOMI, the Chinese electrics company went public in August 2018 (longest available chart history)!
After a good start, the stock fell hard from a top @ HK$ 22.20 to a low @ HK$ 8.28, build a weeks-long bottom, and reversed trend after in a strong advance.
This formation looks to me as a „cup and handle“-pattern, with the handle to develop. If so to come, a strong advance for the stock in the coming weeks could be next.
From an Elliott-wave perspective, there is following picture to describe.
After the „all-time-low“ @ HK$ 8.28 the stock advance strong to a high @ HK$ 14.- and declined in „three-down“, what could be the first waves of a new impulse, count 1-2!
It followed an even stronger advance after completion to new highs @ HK$ 17.50 and reversed trend again for a short -term correction. This was the time, analysts have to draw a trend-channel at chart. The „break-out“ off this channel occurs at the week on August 23 with a strong gain and indicates, that a wave „3“ was underway. The correction after the high @ HK$ 26.96 is a wave „4“ of the same degree and would lead to new highs after it is done.
Today price has met the upper boundary of the channel and the MA 50 @ HK$ 19.39. May it needs one more low to come to close the open gap, left by the strong outbreak in August, but this is not required. To give a „harmonic“ view to chart, one lower low to come @ HK$ 18.64 would make waves (c)=(a)! A 0.382 Fibonacci is located @ HK$ 17.88 from of advance from HK$ 9.20-26.94!
Traders who believe in the bullish count maybe open a first position in XIAOMI. A break of the HK$ 14.- level would make the move an A-B-C-pattern and can be used as a Stop-loss-level (weekly close).

Have a great weekend....

Feel free to ask or comment!
Trading this analysis is at your own risk!


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