prcruz408
Short

Shanghai near 10% correction and V-bottom rally

INDEX:XGY0   Shanghai Class A Idx
From the previous idea, i showed a coupled of areas where price may be subject to a reverse given the extensive rally and the fact that this market was heading into multi-year highs. From that note, price kept going and through the two levels I highlighted but has respected and reversed sharply from the third level. In the process, it created an additional sell area where the current rally is heading into. With the fundamental news flow coming (changing of reserve requirements, high retail inflow into Chinese equities, etc) in recent days and the price action - I believe this may be a good opportunity to sell into the strength - time will tell if this is the bubble deflating for China's stock market.
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