Hello Traders,
since my latter analysis, Hang Seng has declined nearly 1000 points but failed to show an impulsive decline. The move since yesterday's low @ 24220 is either a small „three-up“ that is complete or it is part of a larger structure with higher price to come in the next hours.
In the first case, HS will decline in the coming session to lows below the 24213 level with targets at or around the 24170-24150 area. More bearish potential exists.
If the upward push is not complete, and HS need some more up-divisions, a target range should be at or around 24830-24852 level was the move have to retrace a 0.382 Fibonacci of the decline from 25847 and it is the 1.382 Fibonacci extension of wave „a“. We will see if the market will respect this level of resistance.
I will update the count tín in the coming days.
Have a great weekend....
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
since my latter analysis, Hang Seng has declined nearly 1000 points but failed to show an impulsive decline. The move since yesterday's low @ 24220 is either a small „three-up“ that is complete or it is part of a larger structure with higher price to come in the next hours.
In the first case, HS will decline in the coming session to lows below the 24213 level with targets at or around the 24170-24150 area. More bearish potential exists.
If the upward push is not complete, and HS need some more up-divisions, a target range should be at or around 24830-24852 level was the move have to retrace a 0.382 Fibonacci of the decline from 25847 and it is the 1.382 Fibonacci extension of wave „a“. We will see if the market will respect this level of resistance.
I will update the count tín in the coming days.
Have a great weekend....
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!