Hello Traders,
as of my last analyze Hang Seng popped up, but failed to return above the lower boundary line of the trend channel, gaped down by this morning opening and made a new low @28946.9 on intrady basis and a closing low at 29003! This is just some points above the 1.618Ffibonacci extension measured from wave ((W))-((Y))! By counting a „ZigZag-pattern“ the wave relationship is between a 1 to 1.618 Fibonacci to wave ((Y))! So the probability is given, that a short term low is in place or with one more up wown sequence next. In this case the target range is at 28825.5 points. Different option remain for this move and we will judge what is the next with most confidence while the pattern develops.
An overall sizeable target range is at 28223, a 0.382 Fibonacci of the advance, started at January 2019 and may was done on April 15! This level is too a wave „iv“ of one lesser degree, as you know a target range within a correction after an impulsive move.
While more bearish potencial exist, we will monitor Hang Seng closely and discuss the pattern as they have develop!
Have a great week....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
as of my last analyze Hang Seng popped up, but failed to return above the lower boundary line of the trend channel, gaped down by this morning opening and made a new low @28946.9 on intrady basis and a closing low at 29003! This is just some points above the 1.618Ffibonacci extension measured from wave ((W))-((Y))! By counting a „ZigZag-pattern“ the wave relationship is between a 1 to 1.618 Fibonacci to wave ((Y))! So the probability is given, that a short term low is in place or with one more up wown sequence next. In this case the target range is at 28825.5 points. Different option remain for this move and we will judge what is the next with most confidence while the pattern develops.
An overall sizeable target range is at 28223, a 0.382 Fibonacci of the advance, started at January 2019 and may was done on April 15! This level is too a wave „iv“ of one lesser degree, as you know a target range within a correction after an impulsive move.
While more bearish potencial exist, we will monitor Hang Seng closely and discuss the pattern as they have develop!
Have a great week....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!