Hello Traders,
Hang Seng has had 4 strong down days and declined to 28310 (closing). The move as counted at the hourly chart could not be another waves 1-2, becomes it retraced to deep (below the 0.786 Fib).
So, the alternate comes to forefront and a wave 2 should retrace deeper to ~28086 level. Closing below 27718 would make the bullish forecast invalid.
An alternate view suggests, that at the possible wave ((iii) (blue) high at 31183 a wave Y has ended and a correction to much lower levels should be underway!
At the hourly chart, I have visualized the idea for a wave 2 (blue) and a retracement. Note the trend line. We will see, how Hang Seng will do in the coming session.
Have a great Sunday.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
Hang Seng has had 4 strong down days and declined to 28310 (closing). The move as counted at the hourly chart could not be another waves 1-2, becomes it retraced to deep (below the 0.786 Fib).
So, the alternate comes to forefront and a wave 2 should retrace deeper to ~28086 level. Closing below 27718 would make the bullish forecast invalid.
An alternate view suggests, that at the possible wave ((iii) (blue) high at 31183 a wave Y has ended and a correction to much lower levels should be underway!
At the hourly chart, I have visualized the idea for a wave 2 (blue) and a retracement. Note the trend line. We will see, how Hang Seng will do in the coming session.
Have a great Sunday.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!