Another Look At The Stock Markets
China Markets A Quick Bounce But Then New Lows ?
By IPM Group 9th July
Please see our disclaimer at the bottom of this article.
We posted an article on the 25th May 2015 entitled A Look At The Stock Markets In 8 Charts, Correction Overdue ?. We still believe when looking at America it will be just that - a decent sized correction of roughly 10% targetting sub 17,000 and ideally 16,600.
However when it comes to China, then the markets there are structually weakened and has entered into a fully fledged bear market.
We have been looking for an overdue bounce from the concentrated selling rout in China these last few days. Armstrong posted this yesterday on the 8th July
The week of July 6th was also a target in Shanghai. Therefore, we have a shot at a temporary low this week with a reaction back to the upside. Keep in mind that this overall trend has been only a 23 month reaction from the June 2013 low and that came on target producing the highest monthly closing for our May target 2015. June was an outside reversal to the downside producing the intraday high, but this penetrated the May low and closed lower. This was the signal that a decline was in motion. So now we just see a knee-jerk reaction to the upside, but this will be followed by new lows.
So what can we expect going forward ?
So be careful out there !
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