The Shanghai Composite Index has seen a considerable rise since the start of the year, which we predicted in December (). The parabolic rise on 1D has reached past the overbought zone (RSI hitting 80.000) and as it got close to the 0.500 Fibonacci retracement level (3,015), we should start see it consolidating. The strongest candidate for a pull back however is the 0.618 level (3,150). We are willing to buy any such pull back and target the 0.786 level at 3,340.
See below how we predicted this +22% rise in December:
hey dude, chinese market is still in very low lying place, the whole stock market in China only worth 4 Apple Inc, and chinese housing market is topping, if money flood into this will rise like a crazy monster, if you check it's previous movement you will see the bear market in china is extremely long while bull market is extremely short and violent, so i will keep on the train in case it run away
Master4
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Double bottom?
InvestingScope
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@Master4, The double bottom already took place on 1D at 2450.