Hello Traders,
Hang Seng made a high @ 27366.45 and declined since to 26435.67, closing basis.
The advance from 24899 on August 15 is either a „three-up“ or a one-two, one-two.
If it is a „three-up“, which would be countertrend, wave „c“ of the flat needs one more up-sequence to complete. The high @ 27355.65 was some tics above the 1.382 Fib-Extension (@27259) of wave „a“, a common target for a wave „c“ within a flat-pattern.
If HS will extend the move, another target area is around the 1.618 Fib-Extension @ 27605; at 27438.70 is the 0.618 Fibonacci of the decline from 30280-24899. This could be the range for Hang Seng.
At the 120min chart, there is to observe, that HS is possibly done with a correction in a wave ((4)) and has correct a bit more of the 0.5 Fibonacci of the wave ((3)) advance and is ready to advance above the 27366.
Keep in mind, that @ 26211 a 0.618 Fibonacci of the wave ((3)) move is to respect. Also, a wave (4) of one lesser degree is at 26283, also an often achieved a target for a correction in a wave „4“ of any degree.
Short term, MACD, and Stoch are at „oversold“ areas, ready to rally. The odds are not clear if it happens from current levels or HS needs on more new low at Monday`s session.
The Short selling ratio dropped to 5.08%, the lowest in September.
A short term target range is from 26820-26890! A solid close below the 26211 area and break of the lower boundary of the channel will diminish this forecast.
Have a great weekend...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
Hang Seng made a high @ 27366.45 and declined since to 26435.67, closing basis.
The advance from 24899 on August 15 is either a „three-up“ or a one-two, one-two.
If it is a „three-up“, which would be countertrend, wave „c“ of the flat needs one more up-sequence to complete. The high @ 27355.65 was some tics above the 1.382 Fib-Extension (@27259) of wave „a“, a common target for a wave „c“ within a flat-pattern.
If HS will extend the move, another target area is around the 1.618 Fib-Extension @ 27605; at 27438.70 is the 0.618 Fibonacci of the decline from 30280-24899. This could be the range for Hang Seng.
At the 120min chart, there is to observe, that HS is possibly done with a correction in a wave ((4)) and has correct a bit more of the 0.5 Fibonacci of the wave ((3)) advance and is ready to advance above the 27366.
Keep in mind, that @ 26211 a 0.618 Fibonacci of the wave ((3)) move is to respect. Also, a wave (4) of one lesser degree is at 26283, also an often achieved a target for a correction in a wave „4“ of any degree.
Short term, MACD, and Stoch are at „oversold“ areas, ready to rally. The odds are not clear if it happens from current levels or HS needs on more new low at Monday`s session.
The Short selling ratio dropped to 5.08%, the lowest in September.
A short term target range is from 26820-26890! A solid close below the 26211 area and break of the lower boundary of the channel will diminish this forecast.
Have a great weekend...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!