Hello Traders,
following conclusion I have met as of my last analyze:
„...Hang Seng failed to exceed the upper boundary of the trendchannel and declined sharp after. It has left a „bearish-engulfing“ at chart, a sell signal on a daily basis. While closing below the 0.382 Fibonacci of the advance from Jan.-April, the odds do increase, that the targets for the next move have to be checked at the downside. „
This is exactly what occured at the following tradingdays.
Todays session closed at 27657.2, made an intraday low @ 27598.10. This is part of wave (c) of ((iv)) and close to an end.
It is not necessaryle needed, that HS has do subdivide his decline in one more up-down sequence to complete. The move is countable as done and the odds do increase that HS is starting an upward move to new ATH`s in the coming hours or so.
May wave (c) of ((iv)) subdivide into an „ending diagonale“ or not, it has achived the wave „4“ range of lesser degree, as I wrote many times as of the analyze. This area is a well common target range for an ending correction of any degree.
Notice, that HS has dropped below the lower boundary of the trendchannel and declined into the box/rectangle, yellow, which was to observe at the last weeks at my analyze.
If this count is not the one to develop, the correction is not done, and HS will extend his decline into the range of 26195.8-25875.5, were an open gap is left at chart as of the trading from Jan 08 -Jan 09.
So stay tuned for the next moves of Hang Seng. We will discuss the chart pattern at this pages.
Have a great week...
ruebennase
following conclusion I have met as of my last analyze:
„...Hang Seng failed to exceed the upper boundary of the trendchannel and declined sharp after. It has left a „bearish-engulfing“ at chart, a sell signal on a daily basis. While closing below the 0.382 Fibonacci of the advance from Jan.-April, the odds do increase, that the targets for the next move have to be checked at the downside. „
This is exactly what occured at the following tradingdays.
Todays session closed at 27657.2, made an intraday low @ 27598.10. This is part of wave (c) of ((iv)) and close to an end.
It is not necessaryle needed, that HS has do subdivide his decline in one more up-down sequence to complete. The move is countable as done and the odds do increase that HS is starting an upward move to new ATH`s in the coming hours or so.
May wave (c) of ((iv)) subdivide into an „ending diagonale“ or not, it has achived the wave „4“ range of lesser degree, as I wrote many times as of the analyze. This area is a well common target range for an ending correction of any degree.
Notice, that HS has dropped below the lower boundary of the trendchannel and declined into the box/rectangle, yellow, which was to observe at the last weeks at my analyze.
If this count is not the one to develop, the correction is not done, and HS will extend his decline into the range of 26195.8-25875.5, were an open gap is left at chart as of the trading from Jan 08 -Jan 09.
So stay tuned for the next moves of Hang Seng. We will discuss the chart pattern at this pages.
Have a great week...
ruebennase