Symmetrical Triangle Pattern Formed & Target.Wait for the Breakout, as it is Crucial in the Stock Market. Institutions and Professionals often Enter Trades based on PATTERNS & BREAKOUTS. After a Breakout, the Market significant BULLISH Trend.
I want to help people Make Profit all over the World throughout my entire life. Additionally, I am eager to Receive Money Worldwide because of my Potential.
Ssecomposite
Shanghai Comp SHCOMP ~ Bearish H&S Update (Feb 2024)SSE:000001 chart mapping/analysis.
Been a while since I've published any charts on TradingView - process is a pain in the a$$ tbh & procrastination crept in while lacking TA-edge on markets + other commitments..
That said, noticed Shanghai Comp chart still notching views given current environment so thought I'd give an update.
Initial TA thesis hasn't changed - bearish H&S identified in Dec 2023 completed & still in play, despite PBOC desperately throwing everything to keep their market afloat (don't fight the trend).
Chart notes:
Cleaned up clutter from previous chart
Added descending parallel channel for potential bounce play off lower trend-line
Labelled 50/200 EMA death cross to signify bear market trend (weekly chart)
Break below ~2666 = further capitulation
Break above ~2924 (R1) = bullish trend reversal
Stay tuned whether I get back on TradingView horse & update older charts or publish new ones, cheers.
Shanghai Composite SHCOMP ~ Bearish H&S Formation (Dec 2023)SSE:000001 chart mapping/analysis.
Bearish H&S formation on weekly chart.
Price action already broken below multi-decade trend-line.
Pattern follows through = -29% measured move down to 78.6% Fib / retrace to 2005 breakout / gap fill (weekly) confluence zone (green box).
Shanghai Comp. (SSE) -> Please Pay AttentionMy name is Philip, I am a German swing-trader with 4+ years of trading experience and I only trade stocks , crypto , options and indices 🖥️
I only focus on the higher timeframes because this allows me to massively capitalize on the major market swings and cycles without getting caught up in the short term noise.
This is how you build real long term wealth!
In today's anaylsis I want to take a look at the bigger picture on Shanghai Composite.
The Shanghai Composite index is the leading index of China and has been trading in a long term symmetrical triangle for more than 15 years.
Considering the fact that SSE entered bullish into this triangle, I do expect a bullish breakout which could happen in the next 6-18 months and then I do expect a major move to the upside.
- - - - - - - - - - - - - - - - - - - -
I know that this is a quite simple trading approach but over the past 4 years I've realized that simplicity and consistency are much more important than any trading strategy.
Keep the long term vision🫡
SHCOMP ~ Snapshot TA / Bearish H&S Development (TBC) / WeeklyChina's Economy is dangerously on the ropes...things have gotten so bad, CCP had to make an announcement on a Sunday night (AEST/UC+10) that they're going to intervene in their domestic market with a raft of "measures" in hopes of boosting market confidence:
- Halve stamp duty on stock trading
- Tighten pace of IPO listings
- Cut margin financing requirements
- Restrict listed companies' refinancing
- Restrict share reductions by major shareholders
My gut instinct tells me this will be a financial disaster...luckily we've got charts to tell us what's really going on.
Taking a (Snapshot TA) look, SSE:000001 appears to be developing a Bearish H&S. Extrapolating Head-to-Neckline indicates price could be heading towards a pretty interesting Confluence Zone :
- Gap fill (weekly)
- Retrace to previous 2014 break-out (aka Return to Scene of Crime)
- Key demand/support zone
- Multi-decade trend line
Note: While chart patterns (ie H&S) are great at spotting trends, etc. it's important to focus on associated demand/supply zones & how price interacts with key levels to determine when & where to scale in/out of positions.
All (technical) signs point to SHCOMP in process of capitulating...problem with Govt interventions is it becomes a momentum play in either direction & technicals take a back seat.
We'll just have to take note of critical levels, set alerts & wait for the dust to settle..
Boost/Follow appreciated, cheers :)
CFD/INDEX: PEPPERSTONE:CN50 PEPPERSTONE:HK50
US: NASDAQ:AIA AMEX:FXI AMEX:EEM AMEX:CQQQ AMEX:KWEB
ASX: ASX:IAA ASX:IZZ ASX:IEM ASX:CNEW ASX:ASIA
SSE COMPOSITE close to a bullish reversalThe Shanghai Stock Exchange (SSE COMPOSITE) broke and closed today above the 1D MA50 (blue trend-line) for the first time since January 12. This alone is a first major step towards restoring the long-term bullish sentiment. There are two more barriers ahead, the Lower Highs trend-line from December 13 2021 and then the 1D MA200 (orange trend-line). In our opinion, the index can methodically hit each target if a 1D candle closes above the previous barrier.
For example now that we got the 1D close above the 1D MA50, a buyer can target the Lower Highs trend-line. If we close above the trend-line, then target the 1D MA200. Complete long-term reversal to the bullish trend should come only above the 3500 Resistance.
Notice that the RSI on the 1W time-frame has broken above its own MA trend-line and achieved Higher Highs, which is a strong step towards the direction described above.
--------------------------------------------------------------------------------------------------------
Please like, subscribe and share your ideas and charts with the community!
--------------------------------------------------------------------------------------------------------