HK50: Bullish Strong support formed, looking for a break higher with the rest of the world approaching ATHs. It's likely the property sector will likely receive some government support soon which should boost the sentiment.
About Hang Seng Index
A market capitalization-weighted index of 40 of the largest companies that trade on the Hong Kong Exchange. The Hang Seng Index is maintained by a subsidiary of Hang Seng Bank, and has been published since 1969. The index aims to capture the leadership of the Hong Kong exchange, and covers approximately 65% of its total market capitalization. The Hang Seng members are also classified into one of four sub-indexes based on the main lines of business including commerce and industry, finance, utilities and properties.
Hang Seng SetupsLooking for turnarounds or pivot points at the rectangles which are projected potential support and resistance zones. Preferred Japanese Candlesticks Patterns for potential pivot points are Harami and Engulfing patterns, but others will be taken into consideration.
Icons are potential price predict
Hang Seng Index: Pending Explosive Move UpIn this analysis, I talk about how I used Elliott Waves to count the moves of Hang Seng Index from Jan 2018 to 24th Nov 2023.
The main points to take note are these:
1. The corrective move down in 2023 is over.
2. We are still in a minor corrective move down.
3. But a wave 3 up is round the corner
HSI went ballastic yesterday and traders went wild !So, HSI rallied more than 600 points yesterday ! Wow, it went to a high of 18103 , exceeding the 18,000 price level that I said must sustain above for the rally to continue.
We are currently 186 point down, having recovered much better than this morning with 300 points negative.
The meeting with
A rally is coming near you.......How high will it rally this time ? Only time will tell........
Will you be a spectator or making profits and laughing to the bank ?
Is HSI out of the woods yet ?From the chart, we can see the orange circle showing a series of multiple lows for the entire 2023. But the last circle in green , dated 1 Nov 23 could be a turning point.
Before we get too excited, a few things need to happen.
1. 1 Nov low was 17110 followed by 17, 193 on 10 Nov - a good sign
HK50 Bear Trap - Going Up.HK50 consolidated all Friday.
And shows a Bear Trap on Monday Tokyo open.
Huge divergence.
This is a textbook setup.
I wont be surprised if it Goes Up!!!
HSI Buyers FireWallthe detail is shown in the above Idea.
I made this Idea based on Candlestick Analysis and Fibonacci Tool.
buyers are burned in red rectangle (0.5- 0.618 golden level retracement )
therefore we can expect that HSI index decrease step by step to 1.27 F to 1.618 F and Level 2 Is Spring of HSI Exchan
See all ideas
