Hello Traders,
Hang Seng (HS) is working its way lower and at 27260 a „three-up“ endet and HSD declined once again.
The alternate interpretaion for this move is, that it is a series of „one`s“ and „two`s“. As you see, the retracement from 24540 – 27260 is at the 0.618 Fibonacci, indicating a possible wave 2 pullback.
If so, the level of 24540 has to be valid for the impulsiv idea.
Trading below 24540 will open the door to lower prices, but it is not certain if this will began a new run to much lower levels! The correction from 33484 is lasting since Jan 26,a nd if this correction is a wave 2, one open target remains at 24078, as it is the 0.618 Fibonacci from 19662-33484!
As before, the red rising trendline becomes more into focus of trading, and as long this line will be valid, it act as a support zone/level. Take a close eye on it!
The a/d-Ratio is back to low readings at 0.39, which is close to the support zone for this Ratio. From here, often countertrend move has started. As you will observe at the lower graph, which is the Ratio, it is still osscilating between the levels of 2.9x-0.30! The next lower graph shows the VIX for Hang Seng. It is also ranging since end of 2017 between the two red lines. A break above the 29 level will may indicate a bottom for Hang Seng, while a break below the red line indicates a run to the upper side for prces still.
As before. I will update the chart if some new pattern will deevelop here at this pages.
Have a great weekend.....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
Hang Seng (HS) is working its way lower and at 27260 a „three-up“ endet and HSD declined once again.
The alternate interpretaion for this move is, that it is a series of „one`s“ and „two`s“. As you see, the retracement from 24540 – 27260 is at the 0.618 Fibonacci, indicating a possible wave 2 pullback.
If so, the level of 24540 has to be valid for the impulsiv idea.
Trading below 24540 will open the door to lower prices, but it is not certain if this will began a new run to much lower levels! The correction from 33484 is lasting since Jan 26,a nd if this correction is a wave 2, one open target remains at 24078, as it is the 0.618 Fibonacci from 19662-33484!
As before, the red rising trendline becomes more into focus of trading, and as long this line will be valid, it act as a support zone/level. Take a close eye on it!
The a/d-Ratio is back to low readings at 0.39, which is close to the support zone for this Ratio. From here, often countertrend move has started. As you will observe at the lower graph, which is the Ratio, it is still osscilating between the levels of 2.9x-0.30! The next lower graph shows the VIX for Hang Seng. It is also ranging since end of 2017 between the two red lines. A break above the 29 level will may indicate a bottom for Hang Seng, while a break below the red line indicates a run to the upper side for prces still.
As before. I will update the chart if some new pattern will deevelop here at this pages.
Have a great weekend.....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!