Hello Traders,
Hang Seng is moving in a trend channel since the March low`s. This move is either a w-x-y or a w-x-y-x-z pattern in progress.
The latter pattern implies higher highs to come above the wave y high @ 26800 area to finish the move. The upper boundary of the channel could be a good target area for this idea. At 27278.5 price would meet the upper channel line and the down-slopping trendline (grey) which connects the ATH @ 33484 and the possible wave (2) high @ 30280, what would create a false breakout. At the 90 min chart, there is another target to observe. It is a wave „42 of lesser degree and it would end the countertrend move in this area (@ 25800 zones)!
On the other hand, if the @26800 has finished a wave C of (2) we have seen the first waves of a fresh decline within a wave (3) with lower price in the coming weeks ahead.
I'd like to see more clear patterns and evidence for a trade to one or the other side and stay temporarily neutral for Hang Seng!
Have a great week...
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
Hang Seng is moving in a trend channel since the March low`s. This move is either a w-x-y or a w-x-y-x-z pattern in progress.
The latter pattern implies higher highs to come above the wave y high @ 26800 area to finish the move. The upper boundary of the channel could be a good target area for this idea. At 27278.5 price would meet the upper channel line and the down-slopping trendline (grey) which connects the ATH @ 33484 and the possible wave (2) high @ 30280, what would create a false breakout. At the 90 min chart, there is another target to observe. It is a wave „42 of lesser degree and it would end the countertrend move in this area (@ 25800 zones)!
On the other hand, if the @26800 has finished a wave C of (2) we have seen the first waves of a fresh decline within a wave (3) with lower price in the coming weeks ahead.
I'd like to see more clear patterns and evidence for a trade to one or the other side and stay temporarily neutral for Hang Seng!
Have a great week...
ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.