Shanghai Composite: Headed for 2700

Shanghai has broken a major trendline(red) from its Nov08 lows. So it will likely test 2700 level again (also 38% retrace of the entire uptrend). Just hit the lower channel line(blue) which is minor support. Can expect a bounce up to test the uptrend line before resuming the downtrend. This is inline with the short-term oversold conditions on HSI and SPX.

Just beautiful, how the price hugs the trendlines!