ruebennase

Hang Seng .....26671.90 the level of importance (LoI)

INDEX:HSI   HANG SENG INDEX
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Hello Traders,
today I´d like to show a mid-term chart for Hang Seng, and I start at the low at Feb`2016.
The first week of Feb`16 Hang Seng made it`s low @ 18627.51 and start a multi week advance to the ATH @ 33484 in late January`18. Since than Hang Seng has retraced this advance near a 0.618 Fibonacci (@24087) and reversed sharply after. !
The advance since than is countable as a „five-up“ and indicate more room for uprising price in the coming weeks and month. It receives support from a „social-mood-perpective“ as at the last day's protesters in Hong Kong walk down the street to show that they are not familiar with the resolutions of the Chinese government. Those „social-mood“ activity often occurs at or near bottoms after a stock market has a phase of corrections and/or declining prices behind it.
As you notice at the daily chart , by the start of June 10, HS open the session with a gap-up, that was closed the week at Thursday's session. This behavior often occurs at the start of a new impulse. That means, as long as the low at 26671.90 (closing (26761.52) is valid, the trend is up and HS will rise in a series of „one`s and two`s“ to new highs probably!
The alternate interpretation is, that the decline from 30280 is a wave „a“ of a flat-pattern to develop and the rise from 26671.90 is a wave „b“ countertrend.
Another alternate view is that the advance from 24540.63 is part of a „leading-diagonal“ with he waves 1-2-3-4 as complete and a wave 5 up underway. As you know, this is the only pattern in which it is allowed that wave „4“ touch the territory of the wave „1“ area. (In fact, in this case, it becomes an „expanding diagonal) which is rare and is an alternate with less confidence!
The coming days will answer which direction HS will move.
Have a great weekend....
ruebennase

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Trading this analyze is at your own risk! 



Leave us a comment/like aswell mate:) good one
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