Hello Traders,
Hang Seng is still correcting the advance from 26871-28579.6 and has retraced so far 0.5 FibRT of the distance. This is a common target for a wave 2 and also a „ZigZag“ pattern. My favorite is the impulsiv pattern and while the 0.618 RT is the most which got retraced I like to see one more move down to even the 27523.8 area where this retracement take place!
So for now, we`re still correcting within an a-b-cpattern, and so far in a wave c maybe!
So again, an open targetzone is still at the 0.618 RT and declining to 27236.7 is possible, but the last zone makes it more less uncomfortable to the impulsive pattern. A daily close below this area with a powerful downthrust will make it more unlikely to this forecast.
A solid close above the 28045 zone (green trendline) will enhance the odds that the correction is over and a second leg (at minimum) for the impulsiv structure is underway!
Closing below the 26871 will rescind this forecast.
Have a great week...
ruebennase
Questions and Comments are welcome!
Note!---> This analys can be wrong. It is just in my view the one with the most probabiltity with the Data which are available to me and by my interpretation of the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!
Hang Seng is still correcting the advance from 26871-28579.6 and has retraced so far 0.5 FibRT of the distance. This is a common target for a wave 2 and also a „ZigZag“ pattern. My favorite is the impulsiv pattern and while the 0.618 RT is the most which got retraced I like to see one more move down to even the 27523.8 area where this retracement take place!
So for now, we`re still correcting within an a-b-cpattern, and so far in a wave c maybe!
So again, an open targetzone is still at the 0.618 RT and declining to 27236.7 is possible, but the last zone makes it more less uncomfortable to the impulsive pattern. A daily close below this area with a powerful downthrust will make it more unlikely to this forecast.
A solid close above the 28045 zone (green trendline) will enhance the odds that the correction is over and a second leg (at minimum) for the impulsiv structure is underway!
Closing below the 26871 will rescind this forecast.
Have a great week...
ruebennase
Questions and Comments are welcome!
Note!---> This analys can be wrong. It is just in my view the one with the most probabiltity with the Data which are available to me and by my interpretation of the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!