Hello Traders,
at my latter analysis I wrote this: „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 were the move has to retrace a 0.382 Fibonacci of the decline from 25847 and it is the 1.382 Fibonacci extension of wave „a“.
Exactly this scenario played out after.
Hang Seng achieved to the area and reversed after to the downside, but failed to show an impulsive structure yet. Overall the pattern from the low @ 24213.40-24826 is a „three-up“, which means the next larger trend is down.
From 24826 the move down looks like a not complete impulse move with waves 1-2-3-4 to be complete or nearly so and a wave 5 is next to come to finish the first waves down. A potentially area should be around the 24221.40 area with more bearish potential to be possible.
Any extension of the possible wave (y) high @ 25847 levels would mean that a more complex structure of correction is underway.
Overall to speak. Much more bearish potential exist, with much lower price to come in the next days and maybe weeks. Keep that in mind!
Have a great weekend....
ruebennase
Feel free to asko r cemment!
Trading this analysis is at your own risk!
at my latter analysis I wrote this: „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 were the move has to retrace a 0.382 Fibonacci of the decline from 25847 and it is the 1.382 Fibonacci extension of wave „a“.
Exactly this scenario played out after.
Hang Seng achieved to the area and reversed after to the downside, but failed to show an impulsive structure yet. Overall the pattern from the low @ 24213.40-24826 is a „three-up“, which means the next larger trend is down.
From 24826 the move down looks like a not complete impulse move with waves 1-2-3-4 to be complete or nearly so and a wave 5 is next to come to finish the first waves down. A potentially area should be around the 24221.40 area with more bearish potential to be possible.
Any extension of the possible wave (y) high @ 25847 levels would mean that a more complex structure of correction is underway.
Overall to speak. Much more bearish potential exist, with much lower price to come in the next days and maybe weeks. Keep that in mind!
Have a great weekend....
ruebennase
Feel free to asko r cemment!
Trading this analysis is at your own risk!