I discussed the fight for Shanghai Composite between a 7-year historical level and a 7-month trend line previously. This was the chart we looked at last week.
I still think that there are more losses – this was reinforced by Monday’s market breaking action. I don’t have high opinion of trend lines – horizontal levels are more reliable – so I think this trend line will break. That low of 2850 (August 2015, ‘x’ marks the spot) should be tested as well and it is a more interesting level.
So here we are.
In my opinion, 2850 is now inevitable.
Director, TerraSeeds Market Technician Pte Ltd. Trader, investor. @sohtionghum was picked ‘Top 70 Forex Twitter in 2015’. Operates multiple strategies.
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