Prices are approaching our resistance in line with our fibonacci confluence levels where we could see a reversal below this level. Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.
Price is approaching our support in line with our ascending trend line, 61.8% fibonacci retracement and 61.8% fibonacci extension where we could see a bounce above this level to our first resistance target.
Galaxy Ent the biggest casino company has formed a huge Symmetrical triangle pattern that is going to breakout soon.
Patiently waiting breakout and volume for confirmation here.
Galaxy Entertainment Group Ltd (27 - HK) is in ABC zigzag pattern in 60 min as well as out-performing HSI index. It has completed A five wave sequence followed by B zigzag wave correction and now moving in C wave up. In weekly time frame it completed WXY downside complex correction with overall strong outlook.
Travel to Macau is opening up.
VIP flow backed up.
Low coronavirus impact on Macau.
Onwards and upwards....
Let's see if the pent up demand flows through. Gamblers are gambler this is a low risk town to visit.
Positive mood before China market opens from Chinese new year on Monday.
Only one way for Macau casinos. No foot traffic = no revenue!
False market inflated by weak buyers.
Coronavirus no end in sight, we have just begun....
#this is not mean to be stock advice and is my own independent analysis. I do have an open short position at the time of writing.
Expect to breakdown to the 1000MA.
Cities on lockdown.
Waiting for the sentiment jolt from the China market open (pushed back to next week from this friday).
Visitor numbers are materially lower prior to shutdown of travellers.
Can't see this recovering any time soon.
#this is not investment advice.
