as to observe at the 4h chart ( TVC Indikation) Hang Seng Index has risen to 33484.10 on Jan29! This day the NIFTY50, the DOW Jones and other Indexes topped too and fell into a corrective phase since.
As it look for now, the correction within the Hang Seng has come to en end, as long as the level of 26871, Aug 16 will mark the low. I have label the correction as an „a-b-c pattern, where wave „b“ took the shape of a „Triangle“! The low of this wave stopped at the pricearea of a wave 4 of lesser degree.
And as to observe the length of wave „c“ is a bit longer and not exactly equal to wave „a“! The upmove which started since than look impulsive, but I like to see more evidence for this opportunity.
A first test of the power of this move will consist of the test of the declining grey , which also mark the wave 4 level of wave c of the whole correction! If the count plays out, a new high well above of the 33484 is the result of this final impulse!
A Gap up, powerful and well above this zone will manifest this idea. But for this it is too early to judge! A Stop area for Longtrades mark the low at 26871!
Have a great Thursday...
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!!!