AynCzubas

Post-crash Corrective Rally Potential

INDEX:XGY0   Shanghai Class A Index
38 0 1
Notwithstanding my longer-term concerns about the Chinese stock market , it does appear to me that the first leg of the crash from 5423.248 may be nearing completion.

Looking at the structure of the correction thus far on the daily chart , the consolidation roughly in the middle of it can be counted as a contracting triangle, and the post-triangle thrust measurement has already been very nearly achieved by the subsequent price action. I would still allow some space for further decline (perhaps a final short wave down toward 2666), but I suspect that the majority of the first downward wave has unfolded and we will see some upward correction soon.

Unless the next rally were to exceed the June high, I would maintain a skeptical stance on the prospects of continued progress in the Chinese market.
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