Backdrop: Huge developed market outperformance in 2019, looking for a rotation into emerging markets set up. Macro stable with trade war issues out the window given presidential election year. China (ie HSCEI as a proxy) is the largest constituent in emerging markets indices.
Valuation: HSCEI 12m forward PE (souce: FactSet) is at 9.9; looks like only Russia, Hungary and Egypt are cheaper markets at 7.2, 9.3 and 8.4. Compare that with S&P @ 18.7, NASDAQ @ 25.6. Very possible HSCEI goes up 30% from here while other indices go sideways.
Medium term read: Huge consolidation since May 2019 with a clean inverted head and shoulders break out in December 2019. Today's pull back marks the last chance to get in after a 2 year downtrend. Initial target @ $123.
Longer term read: From the medium term read implies breaking out of $120 which looks like a huge double bottom formed from the entire of 2019, implying a target @ $140 which is ~ the previous high in January 2018.
Time: Would assume $123 to be hit around the turn of the quarter (end March / early April) with the $140 in Q3.
Conclusion: Absolutely the last chance to get in around $111. The only risk is China / global macro blow up.