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Friday, August 21, 2009

Shanghai Composit - The wave ii is not finished yet

(Click on the picture to enlarge)

The quick and firm break above the wave iv of 1 high at 2,929.25 does indicate, that the ongoing wave 2 will be bigger and problably reach somewhere between the 50% or 61,8% retracement of wave 1, that would call for a continuation towards 3,100 to 3,200 before finding the top.

Short term support is now found in the 2,840 to 2,860 area.

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