On the 1-hour chart of the China ETF we can see a very clear impulsive five to the upside with an ending diagonal in the fifth wave. Normally, after the end of this rally, a correction developed. It seems to be in the form of a double zig-zag labeled w-x-y. Ideally, after the 5-3 Elliott Wave cycle, long positions pay-off well, if they are opened near the 61.8% Fibonacci level. The invalidation level is 87.80, while the minimum target should be above the top of 101.00.

Chart by: www.trader.bg