Hello Traders,
as of my last analyse Hang Seng dropped below the 28671 and negate the impulsiv idea, just because a wave 2 can not exceed the start of a wave 1 as you know!
So, may the low at 26669.6 is wave ((c)) of 4 but the structure does not look like that. Note that the pattern within the blue trendline shows overlapping wave and because of that I see different options to count! In other words. I´m not sure which pattern is to favor.
A drop the lower boundaryline is possibleand there after a advance to the upper one possible. The upper line crosses ~283xx area on Monday!
By measuring the decline in the a-b-c pattern, wave „c“ took the 1.272 length of wave „a“! More important to my view is, that the closing price is just above the grey trendline @26864.3, which connect the wave ((4)) low of Dec. 07-17!
If the idea of the triangle is correct, a common target after the breakout to the downside remains at 26594.5, which the measurement of the widest spread of the triangle and is too the 2.0 FibRT of this one! At the area of 26500 the lower blue boundaryline crosses trading on Monday!
So for today I don`tlike to count the chart as long as I get more confidence in what traders are willing to do with Hang Seng index!
Have a great week...
ruebennase
Questions and Comments are welcome!
Note!---> This analys can be wrong. It is just in my view the one with the most probabiltity with the Data which are available to me and by my interpretation of the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!
as of my last analyse Hang Seng dropped below the 28671 and negate the impulsiv idea, just because a wave 2 can not exceed the start of a wave 1 as you know!
So, may the low at 26669.6 is wave ((c)) of 4 but the structure does not look like that. Note that the pattern within the blue trendline shows overlapping wave and because of that I see different options to count! In other words. I´m not sure which pattern is to favor.
A drop the lower boundaryline is possibleand there after a advance to the upper one possible. The upper line crosses ~283xx area on Monday!
By measuring the decline in the a-b-c pattern, wave „c“ took the 1.272 length of wave „a“! More important to my view is, that the closing price is just above the grey trendline @26864.3, which connect the wave ((4)) low of Dec. 07-17!
If the idea of the triangle is correct, a common target after the breakout to the downside remains at 26594.5, which the measurement of the widest spread of the triangle and is too the 2.0 FibRT of this one! At the area of 26500 the lower blue boundaryline crosses trading on Monday!
So for today I don`tlike to count the chart as long as I get more confidence in what traders are willing to do with Hang Seng index!
Have a great week...
ruebennase
Questions and Comments are welcome!
Note!---> This analys can be wrong. It is just in my view the one with the most probabiltity with the Data which are available to me and by my interpretation of the EW Theory. If you trade this it is done by your own risk and decision! Keep that in Mind!!!