Bearish on FXI
I came across an article recently about bullish on FXI. I had my doubts since I am not optimistic on the chinese economy as well as on the strength of RMB.
So I decided to take a closer look at this etf index fund that tracks the movement of large cap equities in China.
As depicted in my chart, we are now in the 5th wave of an impulsive wave that begins in Feb 2021. And I believe we are now in the 5th wave or close to of an expanding ending diagonal. Yes, expanding ending diagonal are ubiquitous. I posted an article two days earlier on gold on expanding diagonal.
The target price for this 5th wave descent is in the region of 18 to 20. And it does not bode well with the Shanghai Composite Index (SSE) as it also tracks large cap equities.
So I decided to take a closer look at this etf index fund that tracks the movement of large cap equities in China.
As depicted in my chart, we are now in the 5th wave of an impulsive wave that begins in Feb 2021. And I believe we are now in the 5th wave or close to of an expanding ending diagonal. Yes, expanding ending diagonal are ubiquitous. I posted an article two days earlier on gold on expanding diagonal.
The target price for this 5th wave descent is in the region of 18 to 20. And it does not bode well with the Shanghai Composite Index (SSE) as it also tracks large cap equities.
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