Fanhua Inc. (FANH): A Wave 4 Correction

SUMMARY

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Fanhua Inc. (FANH) weekly chart shows an expanded flat ABC correction. This is when the B wave is higher than the origin of red A and C still dips below A. Then FANH started impulsing to higher highs as shown by the white wave labels. However, as it is clearly shown, the impulse is not complete. Wave 4 correction is still in progress.

The subwaves of white wave 3 have been filled in (blue). Wave 4 correction is likely to be an ABC (red) and decline to the prior blue wave 4. The MACD is curling upwards and should support the coming B wave bounce.

What's also uncanny is the Cup & Handle pattern. Wave 4 is coinciding with the handle formation and because it's a wave 4, retrace isn't expected to be as deep as if it was wave 2.

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