A close above the 61.8% at 1153.47 should lead to a test of the 85.4% at 1172.08. If bullish fever persists then the 100% at 1183.59 and 161.8% at 1232.33 are future targets. I seriously doubt that the 261.8% at 1311.19 will be seen anytime soon.
Added another fibo extension chart using the low of 1044.05, high of 1112.42 and retrace of 1086.02. The extension levels are very similar.
Good work at CV's blog!
ReplyDeleteThks Ra. Also, on the China part of the markets, SSEC (Shanghai) took quite a beating today (closing -1.21% @2976).
ReplyDeleteAlso Ra, guess you've got your thoughts on this question: "why is it that investors (and TA bloggers also) don't focus more on China main stock exchange indices?".
ReplyDeleteHere are 2 hypothesis: 1)US and UK people don't like the idea that they are not the "locomotive of the world economy" anymore. 2) people think that China indices can't be trusted (manipulation etc..)