Within the primarily ongoing upward wave, Xiaomi shares have recently experienced their first significant pullback, dropping nearly 18%. However, the stock is likely to resume its upward move soon, heading toward resistance at HK$36.50 and ultimately targeting the higher resistance at HK$58.70. Just below this level, we expect a brief interim correction, which should end above the HK$36.50 mark. From there, Xiaomi should continue to move higher, with the price likely reaching new highs. On the other hand, in our alternative scenario, it’s possible we could see an even deeper long-term bottom form below the HK$8.31 support (probability: 30%).