Huge volume and bearish candlestick today, with the downward penetration of the rising channel, indicate the bullish status of the index has been destroyed. Measures target from the channel is 26734 with the support of the golden ratio. At the same time, the market is seems constructing a head and shoulder top, and the target is 26008.
Don't hesitate and please...
Candlestick: Evening Star
Price Pattern: Expanding Triangle (Megaphone), unable to break the resistance line, looking for an A wave.
Rsi divergence support
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Hammer appear today.
For Fibonacci analysis,
Strong support at level 0.618 for the shorter swing.
Strong support at level 0.786 for the longer swing.
Both support and the pivot point locate at about 27500.
For Price pattern analysis,
Price is hitting the lower supporting trend line of the increasing channel. It is predicted that the price is bounce back to the...
Good earning surprise. Price pattern: Converging triangle, undergoing E eave.
However, stochastic is overbought now, long opportunity when the price break Resistance 1 and break the descending trend line.
HSI is undergoing E wave, due to the breakout at 26434, the target of HSI is pushing to a higher point at 28548, which is the highest point two years ago.
Do you agree with that, please leave some comment.
Oil is undergoes C wave now I guess. Do you agree with that?
According to Elliot Wave Ratio, C wave is usually 100-165 % long as A wave.
In my point of view, oil price will hit $36.3 if the market is pessimistic.
Formation of expanding triangle, E wave is progressing. At the same time, RSI oversold, long opportunity. The first resistance is 0.236 fib at $10.618.
Do you agree with that? Please leave some comment. :)
Consolidation pattern. Not sure whether price will break the lower trend-line, since there are engulfing bearish and stochastic oversold at the same time. Testing the first support at Fibonacci 0.382. Please leave some comment. :)