Shanghai composite Class A Index: Uptrend signal failed

INDEX:XGY0   Shanghai Class A Idx
The 7 week uptrend present in the index has failed. Now we expect price to drop back to 3339.463 in the coming 7 weeks or earlier. Minimum target would be 3542.160. If it were to drop below 3339.463, it might reach my 8 week downtrend signal's target below, but for now it's early to say.
Price sits right under the 52 week moving average and has clearly found resistance and lost momentum.
Good luck.

Kind regards,

Ivan Labrie.
Trade active: Perfection.
Comment: After the strong 2 week selloff, it would appear as it's ready to break above the resistance.
If it does we might see a lower high top soon.
I'll update when possible.
Comment: Downtrend confirms this week.
Comment: It'll be interesting to see the reaction to 3339 when hit.
Comment: Sadly, I was right.
Trade closed manually: Potential double bottom, or at least time for retracement and more downside.
This fits the classic bubble/ market cycle chart to a T.
For sure...one fun fact: the downtrend and then uptrend signals both had 7 weeks duration. (This is a very chinese number)
+1 Reply
alex.a IvanLabrie
It will affect NZD and AUD, then - Thanks -
+1 Reply
Think they'll be an interest rate hike?Listen to Jim,The GoldenJackAss.Get some fundamental analysis and wake up to what Governments are doing.It directly impacts currencies because of incompetence and corruption.Throw in stupidity.
+1 Reply
IvanLabrie PRO RobertHerdman
Hi Robert, thanks for the comments.
alex.a RobertHerdman
China has just lowered the interest rate this year multiple time, if I am not mistaken. And the next year raise the rate? when the economy is not so good globally. Not so sure ~
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Class B have started its move... Not surprising, since A consist of mostly blue chip stock which China's plunge protection team is buying.

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total devastation today....
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IvanLabrie PRO LastBattle
Wait for Monday...'Black Monday' or 'Black Friday' news coming.
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