China HongXing - My Stocks Investing

China HongXing: Repeating the Elliott Waves

Post author:Marubozu
Post published:October 26, 2010

Have observed several Elliott Wave Patterns in China HongXing. The attached China HongXing charts have shown two complete Elliott Wave patterns (Wave 1 – 5, Wave A, B, C) previously. Now China HongXing is showing the another potential Elliott Wave pattern showing the Wave 4 in formation. If you believe in Elliott Wave pattern and believe the history may repeat itself, you should be able to predict the next movement by studying how the Wave 5 performed on the previous two occasions.

Past two Wave 5 performance:

From $0.13 to $0.21 in two weeks (61.5% increase)
From $0.18 to $0.25 in two weeks (38.8% increase)
Take note of the Fibonacci numbers (61.8%, 38.2%)…. A coincidence?

So, next performance? From $0.175 to ???? in ?? weeks?

Look at the China HongXing chart and make your prediction!

Welcome to post your prediction here!

China HongXing: In Consolidation Mode

Post author:Marubozu
Post published:September 22, 2010

China HongXing is taking breather now and consolidating at about $0.21 to $0.215. $0.21 which is also a 78.6% Fibonacci level, looks like a strong support. Current chart still looks bullish as 20D and 50D MA are rising very sharply and crossover the 200D MA recently. One negative point is the rolling PE of China HongXing is 43 which is over value. The stock price is running ahead of the stock fundamental. x-Dividend date is Sept 30, 2010.

Good for short trade for the time being.

China HongXing: Where is the Target?

Post author:Marubozu
Post published:September 6, 2010

Looking at a bigger time horizon on China HongXing, a Cup and Handle pattern is observed and current breakout from 61.8% Fibonacci Retracement Resistance at about $0.175 coincides with the Cup and Handle breakout. Price target of this breakout is $0.23. However, China HongXing needs to clear the immediate long term down trend resistance at about $0.20 first. $0.175 should provide a good support.