ruebennase

Hang Seng...No bottom to watch!

INDEX:HSI   HANG SENG INDEX
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Hello Traders,
not much new to add, to the weaken Hang Seng Index .
The Index topped at Jan 29, "hand-in-hand with many others, like DJIA and N50! Since than the decline is underway a correct a .585 Fibonacci. a common open target for this decline is the .618 Fibo at 24087. On the weekly chart it is still to observe, that the count favore a wave 1 high at 33484. If the pullback is a wave 2 the .618 is a coomon target within the next 1-2 weeks or so. Any solid close below the 0.786 Fibonacci at 21532 will make this bullsih count less probable.
The daily a/d-Ratio (data @ Tradingview.com) is at ~1, which suggest no bottom short-term to my view. The most area for this indicator, showing a bottom zone is right at low readings of 0.1-0.2!
As always, it will need a clear "five-up" to change the directionof trend. These signs are not to watch at this market.
Have a great week...
ruebennase

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