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Shanghai Composite Elliott Wave Analysis Trading Lounge Day Chart Shanghai Composite Elliott Wave technical analysis Function: Counter Trend. Mode: Corrective. Structure: Navy Blue Wave 2. Position: Gray Wave 1. Direction next higher degrees: Orange Wave 1 of 3. Details: Navy Blue Wave 2 is still in play and nearing its end. Wave Cancel Invalid Level: 2636.1478 The Shanghai Composite Elliott Wave Analysis for the daily chart indicates a market in a counter-trend mode. The wave structure identified is Navy Blue Wave 2, which signifies a corrective phase within the broader trend. This suggests that the market is currently undergoing a retracement or consolidation before potentially resuming its primary trend direction. The position within this structure is Gray Wave 1, indicating that the market is in the initial phase of a new wave sequence following the completion of Navy Blue Wave 2. The analysis highlights that Navy Blue Wave 2 is still in play and is nearing its end. This implies that the corrective phase is almost complete, and the market may soon begin a new impulsive phase. The direction for the next higher degrees is identified as Orange Wave 1 of 3. This suggests that once Navy Blue Wave 2 concludes, the market will likely enter Orange Wave 1, initiating a new upward impulsive sequence. The completion of Navy Blue Wave 2 is a critical point, as it sets the stage for the next major move in the market. The wave cancel invalid level is set at 2636.1478. This level is significant because it serves as a threshold for the current wave count. If the Shanghai Composite index drops below this level, the existing wave structure would be invalidated, indicating that the anticipated end of Navy Blue Wave 2 and the beginning of Orange Wave 1 may not occur as expected. This would require a reevaluation of the wave count and…

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Filed under: News - @ August 6, 2024 10:10 am