CHINA A50 Rebound expected.

12 Ağu

The China A50 index (CN50) eventually closed below the 1W MA50 (blue trend-line) last time we looked into it (June 14, see chart below) and hit our 11800 downside Target:

The long-term pattern remains bearish in the form of a Falling Wedge, but right now we expect a medium-term counter-trend rebound similar to the one that followed the May 30 2023 Low and reached the 0.236 Fibonacci extension.

As a result, we turn bullish on this index, targeting 12350 (0.236 Fib and top of the Falling Wedge).

-------------------------------------------------------------------------------

** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **

-------------------------------------------------------------------------------

💸💸💸💸💸💸
👇 👇 👇 👇 👇 👇