Hang Seng (HSI1!) closed below the 1D MA200 (orange trend-line) yesterday for the first time in a month and confirmed the rejection of August 30. That was a Lower High within the established Channel Down pattern that started on the May 20 High.
This Channel Down is so far following a similar structure with the one that covered the entirety of 2023. The August 30 rejection was in fact also done on the 0.5 Fibonacci retracement level after a -17.30% decline.
If this sequence of events continue to follow the April 17 2023 rejection, we should be expecting the new Lower Low to be formed on the -0.236 Fibonacci extension. Our Target is exactly on that level at 15700.
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