Hello Traders,
Hang Seng declined past week and my bearish forecst indeed plays out! The target area of 27600-27500 is close to be achieve.
Overall to speak,it is possible, that the correction is not done to the downside and it could decline to 27210 area. This level would be the 0.618 Fibonacci of the possible wave and it is the minimum retracement for a wave y. If so to come, wave ((iv)) should end here!
But, why do I think so?
Well, the upmove from the possible wave ((iv)) area at 27505 looks like a „three-up“ and this would mean it is corrective! One more reason is, that the pattern could be placed into a „bearish-flag“! That means, a break of 27718 opens the door to 27505 and below to the mentioned area with more bearish potential ahead!
One target should range at 25936, were wave (w)=(y)!
For the bullish view it needs a break of the 29405 area to clear the bullish view.
Have a great weekend....
Ruebennase
Feel free to ask anytime. Tell me your thoughts!
Trading this analysis is at your own risk!
Hang Seng declined past week and my bearish forecst indeed plays out! The target area of 27600-27500 is close to be achieve.
Overall to speak,it is possible, that the correction is not done to the downside and it could decline to 27210 area. This level would be the 0.618 Fibonacci of the possible wave and it is the minimum retracement for a wave y. If so to come, wave ((iv)) should end here!
But, why do I think so?
Well, the upmove from the possible wave ((iv)) area at 27505 looks like a „three-up“ and this would mean it is corrective! One more reason is, that the pattern could be placed into a „bearish-flag“! That means, a break of 27718 opens the door to 27505 and below to the mentioned area with more bearish potential ahead!
One target should range at 25936, were wave (w)=(y)!
For the bullish view it needs a break of the 29405 area to clear the bullish view.
Have a great weekend....
Ruebennase
Feel free to ask anytime. Tell me your thoughts!
Trading this analysis is at your own risk!