As you can tell by looking at the chart, there seems to be a distribution at play here. After hitting a HTF 2.618 extension, there was quite a steep retracement that resulted in what looked like a bull flag. With recent sweep of that same high at the 2.618 extension, it now looks like Xiaomi will break down sooner or later. This distribution started months ago, so expect this to take some time to play out. But by current looks, first leg down could start soon IMHO.
Note
It ain't over until the fat lady sings: Transaction en cours
Move not done. But well on its way.
Trade fermée: cible de profit atteinte
This move seems to be almost finished. There is certainly more downside risk for me here, as shown on this chart. If we go that low, I think it provides a very nice spot to start buying. If we don't go there, I'd say a reclaim of the previous channel could provide a relative safe entry.
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Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.