• CHINAA50 broke support zone
• Likely to fall to support level 14830.00
CHINAA50 index earlier today broke the key support level 15150.00 (previous monthly low from the start of November). The breakout of this support level accelerated the active minor impulse wave 3 of the long-term downward impulse wave (3) from the end of December.
Given the strongly bearish sentiment that can be seen across the equity markets today and the strong daily and the weekly downtrends – CHINAA50 index can be expected to fall further toward the next support level 14830.00 (low of the previous short-term correction 2 from the middle of September).