Hello Traders,
Hang Seng moeved into the open gap (24611-23895) and closed nearly half of it.
This move could be counted as a w-x-y-x-z or i-ii-iii-iv-v!
You could observe, that a possible triangle was done @ 24014 and HS pushed above the upper boundary of the triangle. This move completes either the final moe after a triangle or it is part of the final move. While a wave 5 of any degree often equals wave 1, it could be that HS will have a target @ 24303 area, depending on which point to measure. In both cases, the next significant move should occur to the downside. I have placed the alternate levels at the chart, colored blue.
If this move has finished wave 4 as shown per my favorite count, the next move will drop HS below it`s March 19 low @ 21139 area.
If it was a wave 1 move, the retracement should await at the 0.5-0-618 Fibonacci ióf the total advance from 23585.
So, we will see, how the marked will commit to us.
I will update the chart in the coming days.
Have a great and safe week...
ruebennase
#stay safe
#stay healthy
Feel free to ask or comment.
Trading this analysis is at your own risk!
Hang Seng moeved into the open gap (24611-23895) and closed nearly half of it.
This move could be counted as a w-x-y-x-z or i-ii-iii-iv-v!
You could observe, that a possible triangle was done @ 24014 and HS pushed above the upper boundary of the triangle. This move completes either the final moe after a triangle or it is part of the final move. While a wave 5 of any degree often equals wave 1, it could be that HS will have a target @ 24303 area, depending on which point to measure. In both cases, the next significant move should occur to the downside. I have placed the alternate levels at the chart, colored blue.
If this move has finished wave 4 as shown per my favorite count, the next move will drop HS below it`s March 19 low @ 21139 area.
If it was a wave 1 move, the retracement should await at the 0.5-0-618 Fibonacci ióf the total advance from 23585.
So, we will see, how the marked will commit to us.
I will update the chart in the coming days.
Have a great and safe week...
ruebennase
#stay safe
#stay healthy
Feel free to ask or comment.
Trading this analysis is at your own risk!