Hang Seng Index (China) is down over 10% since its high last week!!
We are short from 28744, and our next downside target – given in our GMTT Research Report yesterday – was reached this morning.
The low was 24754 which is more than a 10% correction since we called the high last week.
The S&P is still holding up and making new all-time highs, but here to we expect to see a 10% correction.
The range for today is 4362 – 4412.
We hold no position now but want to go short again below 4402 with a tight buy stop at 4410.
If the S&P trades above 4412, then that will become the next level where we want to take a short.
At the current levels we are not looking to be long this overinflated and extended rally.
We showed the example of the Hang Seng how fast a 10% correction can occur.
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Hang Seng Index July 27, 2021