ruebennase

Hang Seng...30196 next target area!?

TVC:HSI   Hang Seng Index
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Hello Traders,
Hang Seng closed today @29466 and achieved the target area as of my last analyze. The advance look not complete to me, so another open level for a possible wave (v) high surrounds at 30196, were wave (v) equals wave (i), highlighted with the blue trendline! Note, that at this level a open gap from January 15-16,2019 remains at chart and this gap might be filled before reversing. (I have highlighted the range of the gap with the yellow rectangle )!

If so, Hang Seng has to advance may due to end of the week and reverse thereafter into any kind of a „three-down“. The most common target-level for a correction, may within a wave 2 of any degree is the 0.618 Fibonacci of the total advance. For now is to early to judge, but we will discuss it here, if the pattern will develop this way.
By analyzing the overall marktet there is to observe, that Hang Seng small cap index and the HS Internet&information sector are developing a pattern that looks corrective, and both have not break out to new high at this time. So a divergence exist and as long this is the case, we will watch this closely.
Hang Seng Composite Index (Financial) has may endet a corrective pattern at 9346 on March 08, 2019 and it is possible, that this index is rising towards new highs.
So, the overall picture seems a bit mixed to me and I favor the idea, that Hang Seng is at the end or close to do so to finish a multi week uptrend, and at forefront to reversal into a corrective phase of a market cycle.
If anything new develop at the chart picture, we will discuss it here.
Have a great week...
ruebennase

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