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.
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