Hello Traders,
`cause of heavy bronchitis, there have been no updates last week.
Hopefully can go on this week with my analyzes!
As per my last analyze (Nov. 22) the level of 26204 is still valid and it keeps the idea of an ongoing advance still alive!
The marked is highly fractured, creating „Island-reversal-gaps“ to both sides. Also important to view is the fact, that markets decline is still holding above the 0.618 Fibonacci of the „sell-off“ from the high at 27900.80 and it has bounced three times from the low levels @ 26340 area. So may strong support!
But to my view, the decline looks not complete and there remains an open gap @ 25707-25986 from the trading on Oct. 10-11! May this gap will be filled!
Strong evidence for this idea is the fact, that the move from 26210 on Nov. 14 to 27227.90 on Nov. 26 was a „three-up-down-up“ sequence, indicating countertrend at one higher degree. If so to come, the focus for Hang Seng is to the downside short term.
As I wrote before. This is not market traders have to be involved these days. I like the idea of an ongoing advance, but to buy this market I`d like to see more evidence and more bullish behavior.
Til than...Sideline!
Have a great week
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
`cause of heavy bronchitis, there have been no updates last week.
Hopefully can go on this week with my analyzes!
As per my last analyze (Nov. 22) the level of 26204 is still valid and it keeps the idea of an ongoing advance still alive!
The marked is highly fractured, creating „Island-reversal-gaps“ to both sides. Also important to view is the fact, that markets decline is still holding above the 0.618 Fibonacci of the „sell-off“ from the high at 27900.80 and it has bounced three times from the low levels @ 26340 area. So may strong support!
But to my view, the decline looks not complete and there remains an open gap @ 25707-25986 from the trading on Oct. 10-11! May this gap will be filled!
Strong evidence for this idea is the fact, that the move from 26210 on Nov. 14 to 27227.90 on Nov. 26 was a „three-up-down-up“ sequence, indicating countertrend at one higher degree. If so to come, the focus for Hang Seng is to the downside short term.
As I wrote before. This is not market traders have to be involved these days. I like the idea of an ongoing advance, but to buy this market I`d like to see more evidence and more bullish behavior.
Til than...Sideline!
Have a great week
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!