CHINA A50 Rebound expected.

12. Aug.

The China A50 index (CN50) eventually closed below the 1W MA50 (blue trend-line) last time we looked into it (June 14, see chart below) and hit our 11800 downside Target:

The long-term pattern remains bearish in the form of a Falling Wedge, but right now we expect a medium-term counter-trend rebound similar to the one that followed the May 30 2023 Low and reached the 0.236 Fibonacci extension.

As a result, we turn bullish on this index, targeting 12350 (0.236 Fib and top of the Falling Wedge).

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