Hang Seng.....Wasted time!Hello Traders,
Hang Seng hasn't made any net progress since September 2020! It is bouncing around, up and down, and it is continuous his bear market, that have started in 2018.
Since the ATH @ 33484 HS has shown a nearly 0.786 Fibo correction to even the zone of 20806! The final low in this move down was at 21139.26!
Since, HS was not able to create a new impulse again, and so, the facts are becoming increasingly clear that the move up from this low is a countertrend in a bear-market!
If you are watching the „inner“ trend line (blue) that is connecting several lower highs (watch the red arrows), this line has become more and more important, `cause HS was not able to put this resistance out of the market! As long as HS is trading below this line, the trend is focused down.
So; a break of the possible of the wave x of ((c)) low, will open the door to the wave ((b)), (grey), low @ 22519! Breaking this, will set the stage for a test of the 21139 level! More bearish potential exist in this case!!
On the other hand! A break of the lower red trend line should open the door to the blue one. Above that level the door should be open to close the open gap from trading on the week of July 19-26, 2021!
One more note!
Watch the behaviour of price after HS has touch the red trend line (higher level)! Price declined to fresh new lows after. This could happen once more right now!
Have a great week.....
Ruebennase
Fell free to ask or comment!
Trading this analysis is at your own risk!
