Hello Traders,
Hang Seng gapped higher as of the past two sessions. It runs above the upper boundary of the trend channel and above the level of 27227, what I mean is important.
The structure of the advance with the gap`s in, make the odds high, that an impulsive move is underway with the next target range at 27894-27900 and if this will be achieved the upper boundary is next target area. Depending on if and when it will be achieved, a possible range for this is at or around the 28400 area.
In the short term hand, I have a possible count for the next hours to come.
Note both gap`s which can be interpreted as a „break-away-gap“ and n „acceleration-gap“! The latter one occurs mostly in the middle of an advance so a measured target range is at 27689.90 area. More bullish potential exists (read the text above on a daily timeframe).
Once this advance has come to an end, a „three-down“ will be next. As a special formation within a wave „4“ of any degree, we can look for a „triangle“-formation, that occurs only at a wave „4“, „x“!
So if any new chart pattern develops or the end of the advance is clear to observe, I will update the chart.
Have a great weekend....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
Hang Seng gapped higher as of the past two sessions. It runs above the upper boundary of the trend channel and above the level of 27227, what I mean is important.
The structure of the advance with the gap`s in, make the odds high, that an impulsive move is underway with the next target range at 27894-27900 and if this will be achieved the upper boundary is next target area. Depending on if and when it will be achieved, a possible range for this is at or around the 28400 area.
In the short term hand, I have a possible count for the next hours to come.
Note both gap`s which can be interpreted as a „break-away-gap“ and n „acceleration-gap“! The latter one occurs mostly in the middle of an advance so a measured target range is at 27689.90 area. More bullish potential exists (read the text above on a daily timeframe).
Once this advance has come to an end, a „three-down“ will be next. As a special formation within a wave „4“ of any degree, we can look for a „triangle“-formation, that occurs only at a wave „4“, „x“!
So if any new chart pattern develops or the end of the advance is clear to observe, I will update the chart.
Have a great weekend....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!