Hello Traders,
Hang Seng advanced to the middle boundary of the trend channel and reversed sharply today. While the move from 26144 – 28055 closed below the 0.618 Fibonacci (@28017) it could be all of it and maybe countertrend (three-waves)!
If so to come, the next move is to the downside, and a close of the open gap from 27241-27514) could be the next level to achieve. Note that there is one more open gap, left by the trading on February 5-6! So more bearish potential exists.
On the other hand. Any rise above the high of the candle on February 17 (@ 28055; 0.618 Fibo and middle boundary of the tc)) on a closing basis could open the door to 28528 (0.786 Fibonacci)!
If the bearish count plays out in the coming days and weeks ahead, we possibly have seen today`s start of a wave „3“! Means, a lot of trouble to come for HS!
Have a great day....
ruebennase
Feel free to ask or comment.
Trading this analysis is at your own risk!
Hang Seng advanced to the middle boundary of the trend channel and reversed sharply today. While the move from 26144 – 28055 closed below the 0.618 Fibonacci (@28017) it could be all of it and maybe countertrend (three-waves)!
If so to come, the next move is to the downside, and a close of the open gap from 27241-27514) could be the next level to achieve. Note that there is one more open gap, left by the trading on February 5-6! So more bearish potential exists.
On the other hand. Any rise above the high of the candle on February 17 (@ 28055; 0.618 Fibo and middle boundary of the tc)) on a closing basis could open the door to 28528 (0.786 Fibonacci)!
If the bearish count plays out in the coming days and weeks ahead, we possibly have seen today`s start of a wave „3“! Means, a lot of trouble to come for HS!
Have a great day....
ruebennase
Feel free to ask or comment.
Trading this analysis is at your own risk!