Elliott Wave Analysis of The Shanghai Composite
The Shanghai Composite have been developing a triangle since the peak at 6,124 in 2007.
The final wave - Wave E - is currently developing and should ideally see a decline to test support near 2,642 before the next strong impulsive rally in wave (C).
The first strong indication that wave E has completed will be upon a break above resistance at 3,242 that would call for a rally firmly above the 2007 peak at 6,124.
As long as resistance at 3,086 is able to cap the upside, the pressure will remain towards the downside and a likely decline towards 2,642.
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