China Shanghai Index

Here is Cobra's Shanghai index daily chart. I think we started (A) wave down from 3478.01 to 2761.39 while most people think (A) wave down is from 2478.01 to 2639.75.

Wave (A) = 716.62 points down from 3478.01 to 2761.39

Then the (B) wave up is an expanded flat (B): from 2761.39 to 3068.03
A of (B) = 243.51 points up from 2761.39 to 3004.90
B of (B) = 365,15 points down from 3004.90 to 2639.75
C of (B) = 428.28 points up from 2639.75 to 3068.03
Here we got C = 1.75 * A within the flat expanded (B) wave, that is reason I count wave (A) ended at 2761.39, instead of 2639.75.

Wave (C) first target:
(C) = (B) - 0.618*(A) = 3068.03 - 0.618*716.62=3068.03 -442.87 = 2625.16

So our first down target will be close to 2630.75 low happened at 9/1/2009 and we are going to retest it to see if that low will hold.