Consolidation in the H-share market is well advanced and could be about to end. A sharp dip early this month soon found support in the vicinity of 2009, 2010 and 2011 highs just above 13,600 points. The short-term trend has turned lower, though the medium and long-term trends remain strongly positive, as do relative strength indicators. The proprietary five factor momentum (FFM) model has slipped because of the short-term shift, though it remains marginally bullish. The picture could change sharply if the short-term trend turns upwards in response to the underlying momentum.