$SPDR S&P China ETF (GXC.US)$ Zoom out to month chart and u...
Zoom out to month chart and u will see a distinctive pattern.. Its a correction but its the speed and velocity that is alarming.
Price reached the target 40 percent correction in record time compared to mkt turbulence in 2015
Price reached the target 40 percent correction in record time compared to mkt turbulence in 2015
Zoom in weekly chart
Price closed the gap (29 Jun 2020) .
Head & shoulder pattern. Price broke neckline. The measure distance should be 92.3
However, there is a multiple confluence of zone at 107 ish.
Bullish pin bar forming on day chart. Hence expect a rebounce.
Draw a straight line from top to bottom, chart presents a perfect sig wave.
Sell volume is decreasing..
Bullish pin bar forming on day chart. Hence expect a rebounce.
Draw a straight line from top to bottom, chart presents a perfect sig wave.
Sell volume is decreasing..
To summarize
There is a good chance of rebounce, even though there is a lingering concern, drop to measured target distance of H&S. Price can go lower Unless pattern smooth out.
I am thinking, price will rebound, then retest the low. 104.73.
There is a good chance of rebounce, even though there is a lingering concern, drop to measured target distance of H&S. Price can go lower Unless pattern smooth out.
I am thinking, price will rebound, then retest the low. 104.73.
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