rv

Shanghai Class A Index. (Review)

rv  
INDEX:XGY0   Shanghai Class A Index
202 5 8
Shanghai Class A Index            

Indicated Notes also on Chart.

- Price is breaking out from a descending Triangle (B)
- Breaking out from a Large Symmetrical Triangle (A)
- Just Surpassed the 200 sma ( green )
- Above the 50 and 100 sma . supports
- Breaking from a triple top abc.
- RSI overbought. Don't Chase.
- Divergence between Index-Copper.
- Index vs SPX500             . Downtrend_line breaking out.
(Over_performance)
- Retest of brake_out necklines-Support.

long term Targets : 2750 - 2844
Support : 2343
PlayDefence
2 years ago
Hi, rv. I do some Elliott Wave count but not sure if it's correct. Would you take a time to check it. thx :)
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rv PlayDefence
2 years ago
hi PlayDefence, thanks for the chart, like it. the channel, median, timing periodic interval for the cycle, short term count and RSI looking informative and possible. Adding, there is Weekly doji now, to watch. On the positive side, still holding daily uptrend_line(retested), above 50 sma, looks to retesting a previous high on daily, momentum shows some divergence, and authorities can intervene again. long term, double top is a potential, indeed. The similarity of previous parabolic rise from 2-3 wave, within the channel, is interesting.
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PlayDefence rv
2 years ago
Hi, rv. Thanks so much for the reply. I am struggling where is the start point of small wave 1, due to I'm still no so similar with EW. I use weekly 30MA to identify bull circle, so I count it as beginning point of small wave 1. But small wave 1 doesn't look like an impulse wave on weekly chart so I doubt my count (indeed it's an impulse wave in daily chart). Another aspect, small wave 3's top match RSI high which makes the count make sense.

I got confused on count confirmation with indicator, for example, wave 3 got MACD highest high. So I got alternate counts match with MACD on daily chart as below. Would be great you check if it's available :)
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rv PlayDefence
2 years ago
hi PD, you welcome. looks interesting. thanks. the impulsive structure is more clear on the daily, indeed. Giving more emphasis on the channel(resistance?), median, trend_line and horizontal support, monetum divergence, as you indicate. Regarding the ma, one could seek the ma that "fits" the curve on multiple touches, or the most widely used, by the market. ( the 50 and 200 mostly, on average ).
Generally, Elliot Waves have more of a subjective aspect to it, imho. It could be an abc from here. Identifying the impulse, and action-reaction hypothesis, (or in terms of Fibonacci symmetry) as a first approach makes sense.
Another interesting point, is the RSI characteristics, on the weekly chart, of the first parabola(2-3) compared with a potential historic recurrence, which could fit your cycle, always discussing about potentials.
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PlayDefence rv
2 years ago
Hi, rv. Thanks for mentioning RSI pattern. I recount the wave compare to historic RSI, use swing low as start point of wave 1, also end of large wave 4. So in this chart, the impulse wave is actually wave 3 with 5 subwave inside of it. I recount wave C of large wave 4. imo, I think this count express EW more properly.
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