Hello Traders,
the same as for NIFTY50 is true for Hang Seng index. It could be possible, that HS has made a major low at 27925.6 within a wave ((y)) of ((iv)) or ((ii)) of Minute degree.
The move from the low is countable as a „five-up“ indicating the early stages of a new impuls to the upside. From my view, the index shows the charactaristics of an early advance by opening gaps that will be soon after opening closed, to both side, up and down.
I have drawn a trendchannel, to interprete as a corrective one, that shows the alternate count. This channel (blue) connect the wave „b“ and possible „x“ low and the behavior of the „x“ low since.
Any breakout above the upper boundary of the channel increase the odds, that a new advance has started. A first target range in this scenario is at 28700-28883 levels (marked with the green rectangle)!If so to come, HS will close an open gap, left by trading as of May 10th and May 13th. Possible by opening a new gap up. But this is more as speculative view and not important for the count now.
On the other hand and as before for N50, any decline below the wave ((iv)) level indicate more weakness to come.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
the same as for NIFTY50 is true for Hang Seng index. It could be possible, that HS has made a major low at 27925.6 within a wave ((y)) of ((iv)) or ((ii)) of Minute degree.
The move from the low is countable as a „five-up“ indicating the early stages of a new impuls to the upside. From my view, the index shows the charactaristics of an early advance by opening gaps that will be soon after opening closed, to both side, up and down.
I have drawn a trendchannel, to interprete as a corrective one, that shows the alternate count. This channel (blue) connect the wave „b“ and possible „x“ low and the behavior of the „x“ low since.
Any breakout above the upper boundary of the channel increase the odds, that a new advance has started. A first target range in this scenario is at 28700-28883 levels (marked with the green rectangle)!If so to come, HS will close an open gap, left by trading as of May 10th and May 13th. Possible by opening a new gap up. But this is more as speculative view and not important for the count now.
On the other hand and as before for N50, any decline below the wave ((iv)) level indicate more weakness to come.
Have a great week...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!