Shanghai Composit - The set-up for a major collapse failed

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The set-up for a major collapse, that I spoke of yesterday failed and the break above 3,050.46 has forced me to alter my count. Wave finished 3 at 3,036 followed by a irregular flat wave 4 and we are currently seeing wave 5 up , which should idealy end in the 3,120 - 3,150 area. 3,120 is the 50% retracement of red wave 1 down and 3,150 marks the top of wave (iv) of iii. The top of wave four of wave 3 is a very common ending point for a correction to end.

I don't see any reason to change my main count. Red wave 1 and red wave 5 was almost equal in distance. Red wave 1 was 164.23 points while red wave 5 was 167.65 points. Red wave 3 was clearly the extended wave as my count shows. If the ongoing red wave 2 works out as a textbook case wave c of red wave 2 will finish ín the 3,120 - 3,126.50 area, where it will be a perfect textbook irregular flat.

Lets see how this pans out.