Shanghai Composite - Bottoming?
Shanghai Composite - Bottoming?
If you have been one of my long-term followers, you know I haven't been a great fan of the Chinese Shanghai Composite Index for quite a few years now.
As I was reviewing my charts and counts, I got to think about this long-term alternate count, which I think has a lot of appeal to it, as well as it's a valid count. Contrary to my normal bearish biased count, this count indicates wave B still is in motion and has just completed wave B/ and now wave C/ of B should be expected towards 5,958.
The cycles analysis supports this count.
The positive divergence seen at the RSI-indicator also points towards a more serious bottom developing and finally the long-term support-line points towards a bottom developing.
To confirm a bottom being in place, we need a break above resistance at 2,828, which could lead to a five wave rally in wave C/ of B towards 5,958.
So be aware of this alternate possibility, which calls for a rally in the Shanghai Composite over the next 4 years. A break above resistance at 2,828 will add support to this alternate count..
If you want to see more of my work and counts, then go to my free homepage https://elliottwavesurfer.com/ and just sign up.
If you have been one of my long-term followers, you know I haven't been a great fan of the Chinese Shanghai Composite Index for quite a few years now.
As I was reviewing my charts and counts, I got to think about this long-term alternate count, which I think has a lot of appeal to it, as well as it's a valid count. Contrary to my normal bearish biased count, this count indicates wave B still is in motion and has just completed wave B/ and now wave C/ of B should be expected towards 5,958.
The cycles analysis supports this count.
The positive divergence seen at the RSI-indicator also points towards a more serious bottom developing and finally the long-term support-line points towards a bottom developing.
To confirm a bottom being in place, we need a break above resistance at 2,828, which could lead to a five wave rally in wave C/ of B towards 5,958.
So be aware of this alternate possibility, which calls for a rally in the Shanghai Composite over the next 4 years. A break above resistance at 2,828 will add support to this alternate count..
If you want to see more of my work and counts, then go to my free homepage https://elliottwavesurfer.com/ and just sign up.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.