Hang Seng...Minimum expectation for a wave "v" is given!
Hello Traders,
Hang Seng achieved today to 29999.34 ( according to www.aastocks.com/en/.../index/hk-index.aspx ) and failed just by some ticks the level of 30K. This is the first time since June 15,2018 that this level has been seen.
The upside momentum for HS seems to be strong, and HS also creat gap`s during it´s rally up. Gaps not occur random, they occur at specific points of trend, at the start, the middle and at the end of a trend.
Note at the 2 hour chart that there remain an open gap by the end of session of June 15,2018 to 30309-30012 (marked with the rectangle), this gap might be filled in the coming sessions.
For the shortterm the level of 28435 is important, because it marks the low of a possible wave „c“ of (iv) and could be the start for a wave (v) up, well above the 30K area!
From an Elliottwave perspective the minimum expectation for a wave „v“ is fulfilled, because HS has made a new high above the 29241 top of March 04,2019! So the run that started at January 03 has gone a long way and all corrections has been some of lower degree, to my view.
Back to the gap`s.
We have two gaps at the last uprise, maybe a „accelaration-gap“ and a „breakaway-gap“. The last in the row to complete the gap`s is the „exhausting-gap“, as the name suggest, this gap occurs at the end of a trend. If some of this gap occurs in the coming days and it will be slosed, than it could be a first hind, that the trend is likely to reverse.
For now, there is no hint for this behavior to observe. Trading below the 29715-29737 will possibly to a close of the last existing gap of the uptrend. From an Fibonacci perspective is to observe, that as long as price is holding above it`s 0.236 Fibonacci at 29630 the outlook is from my perspectiv bullish, while trading below it`s 0.382 Fibonacci @ 29401 (red labeld) on a 2 hourly closing basis will keep my view to neutral-bearish, depending of the strenghten of this move.
If some new pattern develop we will discuss it here.
Have a great week....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
Hang Seng achieved today to 29999.34 ( according to www.aastocks.com/en/.../index/hk-index.aspx ) and failed just by some ticks the level of 30K. This is the first time since June 15,2018 that this level has been seen.
The upside momentum for HS seems to be strong, and HS also creat gap`s during it´s rally up. Gaps not occur random, they occur at specific points of trend, at the start, the middle and at the end of a trend.
Note at the 2 hour chart that there remain an open gap by the end of session of June 15,2018 to 30309-30012 (marked with the rectangle), this gap might be filled in the coming sessions.
For the shortterm the level of 28435 is important, because it marks the low of a possible wave „c“ of (iv) and could be the start for a wave (v) up, well above the 30K area!
From an Elliottwave perspective the minimum expectation for a wave „v“ is fulfilled, because HS has made a new high above the 29241 top of March 04,2019! So the run that started at January 03 has gone a long way and all corrections has been some of lower degree, to my view.
Back to the gap`s.
We have two gaps at the last uprise, maybe a „accelaration-gap“ and a „breakaway-gap“. The last in the row to complete the gap`s is the „exhausting-gap“, as the name suggest, this gap occurs at the end of a trend. If some of this gap occurs in the coming days and it will be slosed, than it could be a first hind, that the trend is likely to reverse.
For now, there is no hint for this behavior to observe. Trading below the 29715-29737 will possibly to a close of the last existing gap of the uptrend. From an Fibonacci perspective is to observe, that as long as price is holding above it`s 0.236 Fibonacci at 29630 the outlook is from my perspectiv bullish, while trading below it`s 0.382 Fibonacci @ 29401 (red labeld) on a 2 hourly closing basis will keep my view to neutral-bearish, depending of the strenghten of this move.
If some new pattern develop we will discuss it here.
Have a great week....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!