The monthly chart of Shanghai index is showing that bulls are a little tired after going up for nearly 30% since March 2016. Look closely at the last closing candle, it is a doji
pattern, a signal of indecision between bulls and bears. It can come down a little before going higher or push up a little more towards the 50% FIB level, perhaps matching the opening price of 3536 on 1st Jan 2016 before coming down.
See lower time frame for further explanation