China Mobile Wave Analysis – 13 November, 2019

• China Mobile broke round support level 40.00
• Likely to fall to 38.00

China Mobile recently broke below the round support level 40.00 (which stopped the earlier sharp downward impulse wave (1) in August).

The breakout of the support level 40.00 follows the earlier breakout of the daily up channel from August (which enclosed the previous ABC correction (2)).

China Mobile is expected to fall further toward the next support level 38.00 (target for the completion of the active impulse wave 3).