Elliott Wave Analysis Shanghai Composite Trading Lounge Daily Chart
Shanghai Composite Elliott Wave Technical Analysis
-
Function: Opposite trend.
-
Mode: Correctional.
-
Structure: Navy blue wave 2.
-
Position: Grey Wave 1.
-
Direction next higher degrees: Orange wave 1 of 3.
-
Details: Navy Blue Wave 2 is still in the game and is nearing completion. Wave Cancel Invalid level: 2636.1478
Shanghai Composite Elliott Wave analysis for the daily chart indicates a countertrend market. The identified wave structure is Navy Blue Wave 2, which signifies a corrective phase within a broader trend. This suggests that the market is currently undergoing a pullback or consolidation ahead of a potential resumption of the main trend direction.
The position in this structure is Grey Wave 1, indicating that the market is in the initial phase of a modern wave sequence after the completion of Navy Wave 2. The analysis highlights that Navy Wave 2 is still in play and is nearing completion. This means that the corrective phase is almost over and the market may soon enter a modern impulsive phase.
The direction for the next higher degrees is identified as Orange Wave 1 of 3. This suggests that after the completion of Navy Blue Wave 2, the market is likely to enter Orange Wave 1, initiating a modern impulsive uptrend sequence. The completion of Navy Blue Wave 2 is a critical point as it sets the stage for the next major market move.
The wave invalidation level is set at 2636.1478. This level is significant as it serves as a threshold for the current wave count. If the Shanghai Composite Index falls below this level, the existing wave structure will be invalidated, indicating that the expected end of Navy Blue Wave 2 and the beginning of Orange Wave 1 may not occur as expected. This would require a reassessment of the wave count and market outlook.
In summary, the Shanghai Composite Elliott Wave analysis on the daily chart shows the market in a corrective phase, with Navy Blue Wave 2 still in play and approaching completion. The next anticipated move is the beginning of Orange Wave 1, indicating a modern uptrend phase. The wave invalidation level of 2636.1478 is key to maintaining the validity of the current wave structure. Any breach of this level would require a reassessment of the wave count and market direction.
Elliott Wave Analysis Shanghai Composite Trading Lounge Weekly Chart
Shanghai Composite Elliott Wave Technical Analysis
-
Function: Opposite trend.
-
Mode: Correctional.
-
Structure: Navy blue wave 2.
-
Position: Grey Wave 1.
-
Direction next higher degrees: Navy blue wave 3.
-
Details: Navy Blue Wave 2 is still in the game and is nearing completion. Wave Cancel Invalid level: 2636.1478.
Shanghai Composite Elliott Wave analysis for the weekly chart indicates that the market is in a countertrend mode. The identified wave structure is Navy Blue Wave 2, signifying a corrective phase within a larger trend. This suggests that the market is currently experiencing a pullback or consolidation before a potential continuation of the main trend direction.
The position in this structure is Grey Wave 1, which indicates that the market is in the early stages of a modern wave sequence following the completion of Navy Blue Wave 2. The analysis notes that Navy Blue Wave 2 is still ongoing and appears to be nearing completion. This indicates that the corrective phase is almost over and the market may soon enter a modern impulsive phase.
The direction for the next higher degrees is identified as Navy Blue Wave 3. This suggests that after the completion of Navy Blue Wave 2, the market is likely to enter Navy Blue Wave 3, initiating a modern impulsive uptrend sequence. The completion of Navy Blue Wave 2 is a critical point as it sets the stage for the next major market move.
The wave invalidation level is set at 2636.1478. This level is significant as it serves as a threshold for the current wave count. If the Shanghai Composite Index falls below this level, the existing wave structure will be invalidated, indicating that the expected end of Navy Blue Wave 2 and the beginning of Navy Blue Wave 3 may not occur as expected. This would require a reassessment of the wave count and market outlook.
In summary, the Shanghai Composite Elliott Wave analysis on the weekly chart shows the market in a corrective phase, with Navy Blue Wave 2 still in play and approaching completion. The next anticipated move is the beginning of Navy Blue Wave 3, indicating a modern upside impulse phase. The wave invalidation level of 2636.1478 is key to maintaining the validity of the current wave structure. Any breach of this level would require a reassessment of the wave count and market direction.
Technical Analyst: Malik Awais.
