China stocks are finally recovering

Gregor Horvat Wavetraders

We already talked about China stocks at the beginning of 2024, where we mentioned and highlighted strong support on Chinese stock market index Hang Seng with ticker HSI.

It took some time, but China stocks are now nicely recovering and we can see HSI Hang Seng Index waking up from strong support after potentially completed complex W-X-Y corrective decline within higher degree wave (B) as shared at the beginning of 2024. With current rise back above important channel resistance line, seems like it’s getting ready for a rally within higher degree wave (C), which may also have an impact on stocks across the globe.

We can also see Aussie (AUDUSD) bouncing sharply and strongly from the support and important trendline, which can be an indication for a bigger recovery along with Chinese stocks.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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