Xiaomi stock has retreated somewhat in recent days. Nonetheless, we are sticking to our primary assumption that the price is likely to surpass the highs from November once again as part of the magenta wave (B) in order to form the high a good deal further north. Accordingly, we expect a return to this short-term bullish path in the near future. It is important to note, however, that the 33% probable alternative would already allow the high to be in place. We would favor this scenario in the event of significant declines. A far-reaching descent is also on the agenda in our primary scenario after the current (corrective) wave (B) has ended. The price should only finalize the big wave II in grey and thus the big correction below the support at HK$8.31.
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📊 Free daily market insights combining macro + Elliott Wave analysis
🚀 Spot trends early with momentum, sentiment & price structure
🌐 Join thousands trading smarter - full free analyses at dailymarketupdate.com
🚀 Spot trends early with momentum, sentiment & price structure
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.