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Hang Seng.....Open target @25848!Hello Traders, Hang Seng has touched the lower boundary of the channel and bounced to the upside (@ 26668) and pulled back again. The overall development from the high @ 27040 does not look complete and my mentioned target (@25484 is still valid! In this case, the odds would favor a wave ((iv)) and after impulse within a weave 5, that develop as a 1-2-3-4-5 would be next. Any break of the wave ((i)) high @ 24970would alter the count, `cause wave ((iv)) would break into the territory of wave ((i)). Keep in mind, that every 1-2-3 could be a wave a-b-c (w-x-y)! Have a great Sunday..... Ruebennase Feel free to ask or comment! Trading this analysis is at your own risk!
TVC:HSI
by ruebennase
Hang Seng.....Bear flag in progress!Hello Traders, HS is moving in a sideways consolidation and is embedded in a bearish flag. This move hasn't touched the 0.382 Fibo of the latter advance and is the minimum target I'd like to see for the end of the flag! So it could be that HS is „gambling“ around the 26782 level and moving in the trend channel (green lines) for some days. Any break of the 27040 level would imply that a wave (iii) of ((iii) has started and would be a strong advance to higher levels around the 29-30K area! A break of the lower boundary of the channel give more potential for weakness development in the coming week (possibly) and could range from 26200-25848 level. Have a great weekend..... Ruebennase Feel free to ask or comment! Trading this analysis is at your own risk!
TVC:HSI
by ruebennase
1
Hang Seng.....Important decision ahead!Hello Traders, since my last analysis HS broke out to the upside with a 200 point gap ( I argued this) and made new highs. The pullback from 27040.41 area, the „breakout high“ is a retest of the support, former resistance level. If HS confirm this level in the coming hours and days and made a new high above the 27040.41 level, we will get a new buy-signal! As to observe at the graph is the clear „three-down“ from 27040.41 – 26322.68 area (red arrows)! That means, the next degree of trend is to the upside. So, the important level on the downside is the 26322.68, the upside is 27040.41. Any break of these levels indicate further weakness or more bullish potential in the coming hours and days. But keep in mind, that HS is now at a critical level (at 26782.62, brown trend line)! This area is important to overcome, too. If HS is likely to break this area, the next target is the open gap, left by trading from the weekend on Feb. 21-24. This means a close of the gap should bring HS to 27308.81. Have a great week..... Ruebennase Feel free to ask or comment! Trading this analysis is at your own risk!
TVC:HSI
by ruebennase
2
Hang Seng.....Next breakout?Hello Traders, since my last analysis (red arrow) HS-index has broken out to new highs since the low at 23124.25 on September 25. It has moved into a range of resistance (at 26782.62) that pretty cool coincide with the 1.382 Fib-Extension of wave x. And it is the 0.618 Fib.-Extension of waves x and y! So, multiple resistance lies directly ahead. And at least, HS also reached the declining trend line that connects the high from January 2018 and April 2019. It could be that HS will spike above the trend line to touch the areas, mentioned before. Two scenarios are still possible. It will fail to breakout to new highs and corrective setback is next. Or it will breakout with a massive gap to the upside (a bullish gap) and this would open the door to 292xx area still! I will update the count in the coming hours. Have a great Sunday! Ruebennase Feel free to ask or comment! Trading this analysis is at your own risk!
TVC:HSI
by ruebennase