XGY0 is now very close to its support trendline !!
And with so much of negativity - trade wars, slowdown etc the very opposite happens. The Shanghai index is falling and is now at crucial support point. Look for a reversal in next 2-3 months.
China had a monstrous collapse in 2015, after that rally it is now showing some short term weakness. The problems they face are currency, slowing growth, and house prices.
I believe that house price may effect stock prices but it shouldn't be something that effects the whole market because the problem is evident, when we know about the problem we protect against...
Today, I'm showing you guys shanghai composite index chart which is measured by DXY. I'm not calling the end of world or something pessimism. As we can see, the index is lack of the 7th. swing before touching down ideal inflection zone. Last week China CPI data fallen to 1.8%. Now the CPI tends to be falling lower which is too low for achieving GDP target. We got...
XGY0 breaks out of the weekly bearish line. It is a strong sign to go long. For the whole elliott wave analysis, please check my previous analysis chart below.
Good luck for everyone!
Shanghai class A index is coming to a resistance level at around 3166~3280. It also meets a resistance from the bearish trend line.
From EW analysis the previous ABC correction might be part of the DIAGONAL TRIANGLES. It will be a good opportunity to go long after the wave E is finished which might go back to 2650~2750. After finishing the wave E, it might bounce...
The Shanghai Class A index is showing some bearish signals at the moment.
Even then, there's still a chance to resume the daily uptrend if price marches back up above the recent 12 bar price level at 3140.86.
Ideally, we'd see a loss of bearish momentum in the next 3 bars, and then a breakout to the upside firmly closing above 3232.329 ideally, as the first...
Those who follow me know my opinion for 2016 is not exactly bullish,
but for the purposes of having fun trading, here is a short term set up.
IF CHINA FINISHES UP OVERNIGHT AND TOMORROWS ECON REPORTS ARE GOOD.
China, as of writing appears to be up over night.
We finished today with a long legged doji.
People will get greedy and buy on lows.
Happy trading, cheers.
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...
- Compare WAVE 3 & 5's MACD, WAVE 5 lost momentum compares to WAVE 3, double top formation
- Both Wave 3 of WAVE 5 & Wave 3 of WAVE 3 has RSI extreme reading, support Wave 3 count makes sense
- RSI trendline broke and now RSI is below 50 on weekly chart, which is really bearish
- Comparing time circle of WAVE 3 & 5, it shows WAVE 5 is shorter than WAVE 5 on time...
Shanghai Class B Shares have thrusted out of a triangle which ended in June 2014.
The index still has just a bit further to rise before reaching the minimum expected upward thrust level, which nearly coincides with the upper trendline drawn through the peaks of 2001 and 2007. Targeting at least 567-586 before the correction ensues.
This action is of probable...
If we have a similar move to 2007, China bull market has 7 months left for 114% gain. We can play this by using ASHR ETF. Note nothing is given so play safe.
