Hangseng correction. Expanded flat or a Triangle?Hangseng appears to be in wave iv correction with A and B waves both unfolding in 3 waves. Wave C is currently under way.
In case of an expanded flat, it will break below 28000. Target area is 27800-600.
In case of a Triangle, wave C should end around 28550-600 area.
Once completed, wave v should advance to 30000-30300 area.
Hangseng
Hang Seng (HSI) Buy Trade 2H TimeframePrice is in an uptrend on the daily and lower timeframes, and has just broken the 29 153.0 ceiling, which represents the previous high. It currently is 23 points (pips) below the 289 432.2 level, which has been tested twice previously ass support, though it was later broken through.
As a trend trader, I would wait for a retest of price towards previous high (29 143 area). That area is almost in confluence with the upward trendline, which can also be used as a buying level, once price gets close to it.
Hong Kong Stock Index (HSI) *Our TP2 level is hit.View On Hong Kong Stock Index (HSI) (29 Jan 2019)
HSI has hit the TP2 level. Take it slow and do not rush into chasing the market.
But sooner or lower it should be on the way to 28,000 level again.
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Our Analysis
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LONG (entry is valid as long as the price is above 24,200)
SL 24,080
TP1 26,790 (Already Hit)
TP2 27,660 (Already Hit)
TP3 28,295
TP4 30,970
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HSI approaching support, potential bounce!Hang Seng Index is approaching our first support at 25432 (horizontal swing low support, 61.8% Fibonacci extension , 78.6%, 61.8% fibonacci retracement, horizontal swing low support) where a strong bounce might occur above this level pushing price up to our major resistance at 26327 (100% fibonacci extension , 50% fibonacci retracement, horizontal swing high resistance). Stochastic (21,5,3) is approaching support and we might see a corresponding bounce in price above this level.
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Hang Seng Index approaching resistance, potential drop!Hang Seng Index is approaching our first resistance at 28029.9 (horizontal swing high resistance, 61.8% Fibonacci extension , 50% Fibonacci retracement where a strong drop might occur below this level pushing price down to our major support at 24437.6 (horizontal swing low support, 100% Fibonacci extension ). Stochastic (21,5,3) is also approaching resistance and we might see a corresponding drop in price below this level.
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Hang Seng Index: Positive to 28017 on a break above 26770Hang Seng Futures HSI1!
Next Long Set-Up
This index made a neat exit of the upper parallel - followed by a pip perfect retest of the same line before reversing higher again to test the first line of resistance at 26764, failing just below here after an intraday high at 26694 on futures.
The 26770 level is looking increasingly significant. A break above here should be worth following for close to 5% upside to 28017.
This index really needs a stop of about 100 points - 3 times more than the Dow although they are both the same price pretty much.
It's just the way it is.
So a break above 26770 will need a stop 100 points lower at least, and really it should be under the 26588 level, which is over 180 points of risk against 1200 points of reward.
The range between 26764 and 26588 is creating whipsaw - it's effectively a small band of uncertainty which may crreate a little more whipsaw around the open. But once it's shown it can overcome 26770 it should be worth following long - but be careful with the stop if trading this one.
Dow, FKLI & Hang Seng - Again The Retracement LevelAgain the 3 markets have rebound from recent new low. According to elliott wave and fibonacci structure, the market correction size fall between 38.2% to 61.8%. Shall the current market market to prove as trend reversal? Trader please monitor the following price level.
Dow Jones:
Retracement level at 25203, 25537 and 25871. Higher than 25871 indicate price reversal from bear market.
FKLI:
Retracement level at 1697.5, 1707.5 and 1717. Higher than 1717 indicate price reversal from bear market.
Hang Seng:
Retracement level at 25132, 25340 and 25548. Higher than 25548 indicate price reversal from bear market.
If current rally the price do not go higher than the above levels, market remain in bearish structure.
HSI ShortsPrice is revisiting previous swing high levels. Although resistance is around 26400, price can definitely continue to increase further before coming down. Thus it is only logical to place your Stop Loss above the previous Swing Highs. The Stop Loss level of 26800 is part of my strategy. If you are following this trade, do not adjust the stop loss. Rather, adjust your lot sizing instead. This is one of the very few Low Risk, High Reward Trade. Personally I have increasing my risk for 1% to 5% (thus 5x the usual profits).
Trade with care everyone and have a good week ahead. If you find my trades and analysis helpful, please visit my Patreon to support me :)
Hang Seng - The Rebound found resistanceHang Seng rebound strongly with fresh measure announced to ease funding for private companies.
The strong rebound brought price to 26222 level. On the left chart, price reached one third of previous downswing (important fibonacci retracement level), also hovering around previous downward channel line. On the right 60 mins chart, yesterday rebound reached 5 golden ratio multiples and quickly retraced. Both charts in different time frame were suggesting the rebound hitting major resistance. And Hang Seng have not prove to be trend reversal, market remain bearish.
The current price projection from 26222 level as follow:
25917 short tern support for selling
If price trade below 25917, next target at 25729.
If price trade below 25729, next target at 25424
HK50 LONG OPPORTUNITYIndices globally have been in a downturn as the trade tensions between Trump and China heated up however should we expect some short term relief?
The market works in trend and tends to bounce between support and resistance zones. The HK50 (Hang Seng) has reacted from the key weekly support of 25300.00. Looking left you can see how this level has been used significantly in the past and could find some buyers at least into the key resistance of 28500.00.
HK50 LONG FROM WEEKLY SUPPORTIndices globally have been in a downturn as the trade tensions between Trump and China heated up however should we expect some short term relief?
The market works in trend and tends to bounce between support and resistance zones. The HK50 (Hang Seng) has reacted from the key weekly support of 25300.00. Looking left you can see how this level has been used significantly in the past and could find some buyers at least into the key resistance of 28500.00.
Dow, FKLI & Hang Seng - The 50% RetracementThe sharp declined in indexes market have not make significant come back yet since 11 Oct.
The 3 charts plotted in 60 minitues time frame. From the left
- Dow declined 7.6% from the peak, and rebound to 50% ratracement ( 25510) and trade below.
- FKLI declined 6.7% from the peak, and rebound to slightly higher than 50% ratracement (1738) and retraced.
- Hang Seng declined 10.5% from the recent peak, among the worst performing market, and rebound to 50% ratracement (25775) and trade below.
The current price structure in correction stage with no indication of bullish yet.
Hong Kong Stock Index (HSI) (Oct 2018) This will be my views of Hong Kong Stock Index (Oct 2018)
Please make sure to read the "update" comment as there will be changes along the way.
Cheers.
S0nic
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Hang Seng - Room for downsideSince Jun, Hang Seng moving in 30 degree downward sloping channel. Price did not move out from this channel, and previous rally found resistant at the familiar upper channel again.
The current price movement have formed lower low, thus the downside target projection are use for price target for reference. If price continue to trade below 27439 will see 27062 & 26452 right after. Fibonacci spirals act as "future" support and resistance. Trader please be cautious when price trading near the above two levels.
Hang Seng - Support at 27300 & 26880Hang Seng likely to join Dow Jones to trade lower with cautious on rate hike ahead.
On the left chart (4 hours chart), Hang Seng Futures trading in a downward sloping channel with moderate slope of -22 degree. The recent rally not able to brought the index anyway further. Price is likely to continue to trade within the range for days to come.
If the current selling continue, as long as price below 27550, price is likely to discover lower price zone 27300 and second target at 26880.
Hang Seng - Reach Resistance 27270Rebound with global sentiment recovery from trade war concern. Hang Seng selling reach 50% retracement level 26683 on yesterday (left chart) and rebound. However the current swing have achieved 4 multiples of golden ratio. A potential retracement may occur. This basis can be refer to Hang Seng was under-performer among all indices market during this period of time.
Thus, today commentary are require to provide two directions view:
If price go higher high than 27270, price will further rebound to 27647.
If price trader lower than 27270, support could be found on 27025 & 26945.
Hang Seng - Rebound reach 50% retracementHang Seng reach a conservative projection target yesterday, it went higher to reach 10 golden ratio multiples (1.618^10) & 50% retracement level on the left.
The rebound has not prove to be a reversal yet, as price did not go higher than correction zone 26990 & 27575, primary trend remain downtrend. Trader please trade with cautious as price will be volatile during correction phase.
Hang Seng - Rebound from LowHang Seng rebound from initial projection on post 5 Sep & 6 Sep 26431.
The current rebound expect to reach 26773 to 27222 (see left chart). If price did not trade higher that this, the primary trend remain weak and no reversal indication yet. Trend trader can remain sideline as current swing is correction phase.