dionvuletich
Short

Hang Seng Daily Head and Shoulders

INDEX:HSI   Hang Seng Index
45 2 2
Only noting as it confirms my higher time frame bias on the HSI            
We are at major long term resistance with a confluence of long term trend lines and a harmonic pattern
Could it be only top of a major wave 3 and a 4th down to come?
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dionvuletich WallStScalper
I don't know BL - it broke a triangle to get here and could retest the breakout level which would confirm this shorter term view,

But my longer time frame posts uploaded 4 days ago suggests it is a major level on the monthly charts, this pattern only confirms the HTF and gives a potentially tighter stop area..
Although these right shoulder stop areas are predictable and quite often run by stop hunters as everybody knows how they are traded

I would much rather short on a Cypher at 28020ish (supply level) with a stop above the head, as the head and shoulders traders get stopped out I will be selling to them and then positioned short with my stop above the swing high at 28595 or so which I think offers slightly better protection

Time will tell... can only show what is there now...
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