after the rebound to 285xx, index quickly dropped back all the way to 283xx and further to the 282xx support during the night sessions
yet it found support at the bottom of the range again and managed to go back to 284xx this morning.
Now it would only be safe to short again if the hourly closes below 28330 or 28362 for futures.
it could go all the way to 288xx...
the top of a channel, a pitchfork warning line, a fib level and the top in 2015..
the index s showing resistance
some little rebound to 284xx-285xx should happen first though
The market soared quickly in the past year, and will it go further?Maybe not.
Bearish AB=CD is completing at about 27830 level and the 2.236REXT of B-C is at 28046 level.
Meanwhile the 1.618EXT of A-B is at 28349 level.
What's more, the 27780-28622 zone is previous structure and the historical high point.
So strong resistance will be faced in this zone,it is good...
Rebound target met. very bullish day.the index gapped up through two median lines and is now approaching the top yellow schiff pitchfork warning line AGAIN.
Over the past two month, it s been proven to be a huge resistance level. lets see how price reacts when we get there.
the index did rebound as predicted but boy did it go up with great momentum
if it managed to go above the high at 28128, it would negate my hourly count
a complex wave iv s fxxked up like that :)
that being said, since we just saw 8 straight bullish candles close on the monthly chart, even after it goes past 28128 to the 283xx-285xx area , it s still very likely...
Another bullish candle just closed on monthly( 8 in a row!!). History shows that some sort of correction is bound to happen.
Especially with that possible irregular B on daily :)
Market did swing down and it is rebounding after the hunting the stop below of 27,000.
IMO, it is likley to go lower again, once the position swapping is done.
As the fundamental for China and HK as a proxy, I am not on the bull side. It is likely to deflate badly soon.
Let's see. I am seeing BEAR.
Trade Safe,
s0nic
Disclaimer :
This analysis not...
HSI has suffered from one of the biggest drops on 10 August 2017 in one month. The index had an upward bias since it made the recent low of 25199 on 5 July 2017 and made a recent high at 27876 on 8 August 2017. Investors like you may be concerned whether this upward bias is coming to an end.
From a technical analysis perspective, the upward bias of this index...
wave v of wave 5 may have already finished
wave i s extended and wave iii s short. wave v could only be shorter than wave iii..
Correction about to happen
now in an extended wave 5. look out for possible top around the 271xx-274xx area
intersection of two long term resistance and a previous congested area,
extended wave 5 target projected from length of wave 0-wave 3 ( 1.618) also matches with such target
Hang Seng (HSI) which is heavily property weighted and led by some key stocks eg Tencent had one of its larger sell offs today, but looked to possibly put in a base around the key technical futures levels of around the 25000's /25500's. Bullish seasonality normally strong over July so a potential dip buying opportunity or part of a more major global weakness in...
