To celebrate the new year, here some TA on the China A50 index:
The breakout of the descending triangle led to a powerful rally that is still in full place and will most likely bring us to 15k. The golden cross (50 SMA crossing 200 SMA from below) could be the fuel to propel us there. 15k represents a major resistance, if broken on the first attempt (unlikely), it will bring us to Valhalla.
Most likely we will get a retracement and form a nice shoulder for an inverse head&shoulders formation (bullish pattern). From there we will start to raise and visit the moon once the neck (likely 15k) is broken.
The breakout of the descending triangle led to a powerful rally that is still in full place and will most likely bring us to 15k. The golden cross (50 SMA crossing 200 SMA from below) could be the fuel to propel us there. 15k represents a major resistance, if broken on the first attempt (unlikely), it will bring us to Valhalla.
Most likely we will get a retracement and form a nice shoulder for an inverse head&shoulders formation (bullish pattern). From there we will start to raise and visit the moon once the neck (likely 15k) is broken.