Hello Traders, yesterday`s low @ 25522 was a possible wave (2). Today`s gap up by the opening bell was a wave (3) price move that carried HS close to a 2.618 FibExtension of wave (1)-(2)! The weakening price behavior since is part of a wave (4) move that should end near or at the 26125 price area. At this point, it will retrace a 0.382 Fibonacci of wave (3). If so to come, HS will complete the first leg of an ongoing advance with a wave (5) and decline again in a wave „2“ of one higher degree. This forecast will be valid above 25522! As before. The alternate view implies a wave „3“ decline of higher degree and will bring HS to lower levels in the coming days and weeks.
Have a great weekend.... ruebennase
Feel free to ask or comment. Trading this analyze is at your own risk!