• ChinaA50 broke support area
• Likely to fall to support level 14730.00
ChinaA50 index under the strong bearish pressure afire the price broke through the support area located between the key support level 16000.00 (former monthly low from November) and the support level 15635.00 (former monthly low from October). The breakout of this support area accelerated the active minor impulse wave 5 of the intermediate downward impulse wave (C) from the end of May.
Given the rising concerns over the spread of the delta variants across China – ChinaA50 index can be expected to fall further toward the next support level 14730.00 (previous monthly low from July and the target for the completion of the active impulse wave 5)).