Hello Traders,
Hang Seng performt negative this week, with a loss of 0.59%! The overall structure at the hourly chart looks corrective, either part of the correction within a wave ((C)) of 2 that need one more down sequence to complete or a extending wave 3 with 1-2; 1-2`s!
A break below the 27638.5 (marked with the blue arrow) will open the door to 27425-27328 and may complete an „expanding flat“ within a wave (ii) of ((iii)) correction.
Another interpretation of the pattern is, that wave (ii)) is done and we are moving towards to fresh new highs above 27984.9 and may extending above the upper blue trendchannel, which is at ~ 28050-28100 area on Monday!
On a daily timebasis you will observe the overlapping structure of the waves they have developed at the last sessions. This is a behavior that normaly is to observe at the middle of a correction, specially within a wave „b“, not at the end of it! Interesting to see is, that traders are making new lower lows, and new lower high`s wich make it possible to place the action within a trendchannel.
A break below 26648 make the bullish idea less probable!
A rise above 27928 will open the door to 28031.8 and the very important entrance to the 28K numbers!
Have a great week....
ruebennase
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!!!
Hang Seng performt negative this week, with a loss of 0.59%! The overall structure at the hourly chart looks corrective, either part of the correction within a wave ((C)) of 2 that need one more down sequence to complete or a extending wave 3 with 1-2; 1-2`s!
A break below the 27638.5 (marked with the blue arrow) will open the door to 27425-27328 and may complete an „expanding flat“ within a wave (ii) of ((iii)) correction.
Another interpretation of the pattern is, that wave (ii)) is done and we are moving towards to fresh new highs above 27984.9 and may extending above the upper blue trendchannel, which is at ~ 28050-28100 area on Monday!
On a daily timebasis you will observe the overlapping structure of the waves they have developed at the last sessions. This is a behavior that normaly is to observe at the middle of a correction, specially within a wave „b“, not at the end of it! Interesting to see is, that traders are making new lower lows, and new lower high`s wich make it possible to place the action within a trendchannel.
A break below 26648 make the bullish idea less probable!
A rise above 27928 will open the door to 28031.8 and the very important entrance to the 28K numbers!
Have a great week....
ruebennase
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!!!