Where to Now For the China Equity Market?

My longer-term work is warning me that in the absence of a positive reaction to a surprising-bullish catalyst up here (such as greater than expected monetary stimulus from the PBOC), that in and around the 35.00 area, Morgan Stanley China A Share Fu (CAF) should undergo a significant bout of profit-taking into the 32.00-30.00 prior to my expectation of the start of a new, powerful upleg that points to a test of multi-year resistance at 37.50 -39.50.

I am particularly concerned about the volume reversal accompanying the most recent upleg from 30.00 to 35.00.