ruebennase

Hang Seng...First leg of an advance complete!

TVC:HSI   Hang Seng Index
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5
Hello Traders,
at my last analyze I wrote the following:
“....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).“
This was exactly what happened. Hang Seng moved this morning to 26609.10 within a gap-up . This was the opening and the closing price, and HS declined for the rest of the session to a closing price at 26503.90.
This behavior could be part of a wave „2“ correction, that is not done, `cause the decline is to shallow and has much room to go. A compatible target range is from 26273-26162-26050, they all including Fibonacci ratios and a wave „4“ of lesser degree.
One more argument that the advance is done, is the behavior of price to watch at the chart, as price „thrust“ above the upper boundary of the channel and went back into, and closed in it.
This completes a „throw-over“ as it happens often after a complete advance.
If this forecast will work out well, the next hours and one or two days will show some weakening price action, by stair-stepping lower to the target areas named before.
A push above the high at 26635 could be part of a wave „b“ of an expanding-flat, that often occurs after a complete wave two!
I will update the chart in the coming hours!
Have a great week....
ruebennase


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Trading this analyze is at your own risk!

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