Hello Traders,
Hang Seng is going his way! The Super-Bull is extending higher, showing no signs to correct for a while. But in this rare cases, a lot of traders wait for an entry point to catch this huge move to the upside. This psycological behavior sometimes create correction, that fall shy to the overall bull run.
I have reworked this chart, and this is my favorite count for now, on a weekly basis.
Hang Seng has either completet a wave „i“ or is in the final stages to do so. After a huge ~4500 point move to the upside and only shy corrections, the time seems to be right for a correction. Note the yellow rectangle, and the behavior of the index. HS touched the underside of this area and lingers for a while. So it could be possible, that HS close the open gap from June 2018 and after it reverse.
No matter what will be next. If HS will correct the huge move that started in January 2019, a first correction could at least bring HS back to the 28000 area in a first leg.
The correction from 33484 to 25540 has retraced a close 0.618 Fibonacci (@30067.7). This Fibonacci levels more often than not, create a reaction for the underlying. It will be really interesting how the index will work it`s way in the coming hours and days.
For intraday updates, please check my analyse on a shorter timeframe.
Have a great weekend...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
Hang Seng is going his way! The Super-Bull is extending higher, showing no signs to correct for a while. But in this rare cases, a lot of traders wait for an entry point to catch this huge move to the upside. This psycological behavior sometimes create correction, that fall shy to the overall bull run.
I have reworked this chart, and this is my favorite count for now, on a weekly basis.
Hang Seng has either completet a wave „i“ or is in the final stages to do so. After a huge ~4500 point move to the upside and only shy corrections, the time seems to be right for a correction. Note the yellow rectangle, and the behavior of the index. HS touched the underside of this area and lingers for a while. So it could be possible, that HS close the open gap from June 2018 and after it reverse.
No matter what will be next. If HS will correct the huge move that started in January 2019, a first correction could at least bring HS back to the 28000 area in a first leg.
The correction from 33484 to 25540 has retraced a close 0.618 Fibonacci (@30067.7). This Fibonacci levels more often than not, create a reaction for the underlying. It will be really interesting how the index will work it`s way in the coming hours and days.
For intraday updates, please check my analyse on a shorter timeframe.
Have a great weekend...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!