ruebennase

Hang Seng.....A bottom at 23124?

TVC:HSI   Hang Seng Index
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Hello Traders,
Hang Seng shows weakening behavior since it topped at 26782.60 on July 7!
It has moved since in a „three-down“ were a possible wave y equals wave w at 23323.6 (closing price was at 23236.4).
Wave y for it self developed as a „three-down“ too, and both waves equal the first waves of the pattern at or near the same level. So we have two important and strong Fibonacci-ratios from 23323.6-23257.6!
From the intraday low at 23124.3 on September 25 Hang Seng is moving higher. As long as this level is valid, the trend should be to the upside.
Hang Seng advanced to the level at 24213.4 and failed to overcome. If HS is likely to advance above this area of resistance, the next target should be around the 24826 zones, the high on September 15-16.
The alternate view suggests a series of one`and two`s with more selling pressure to come in the next days ahead.
Have a great Sunday...
ruebennase

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Trading this analysis is at your own risk!

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