Hello Traders,
Hang Seng Future (March Contract) has risen as of todays session to 28775.
As per my count a wave (iv) is underway. This scenario is in the cards, as long as the level of 28838 (blue trendline) is valid. Any cut of this level would imply that a bottom should be formed at 28410. But for this I need more evidence.
If the bearish view comes into play, the next move should occur to the downside, probably stairstepping lower to 28672-28598-28533. Below this level a drop to the low at 28410, the wave (iii) is next. If an expanding-flat pattern is underway, we need to see more weakness below this level (28410) and then a drop to 28016 level, which is the possible wave ((a)) low.
If a running flat is in progress, which would fit the overall strenghten of Hang Seng, than the wave c would not move below the wave ((a)) low. After finishing this pattern a sharp push to the upside is next to occur.
The third alternate is an triangle underway, which also will fail to dropp below the wave ((a)) low.
A lot of „if nd when`s“....The picture is not clear right know, but i favor the idea of fresh new los shortterm.
Have a great day....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
Hang Seng Future (March Contract) has risen as of todays session to 28775.
As per my count a wave (iv) is underway. This scenario is in the cards, as long as the level of 28838 (blue trendline) is valid. Any cut of this level would imply that a bottom should be formed at 28410. But for this I need more evidence.
If the bearish view comes into play, the next move should occur to the downside, probably stairstepping lower to 28672-28598-28533. Below this level a drop to the low at 28410, the wave (iii) is next. If an expanding-flat pattern is underway, we need to see more weakness below this level (28410) and then a drop to 28016 level, which is the possible wave ((a)) low.
If a running flat is in progress, which would fit the overall strenghten of Hang Seng, than the wave c would not move below the wave ((a)) low. After finishing this pattern a sharp push to the upside is next to occur.
The third alternate is an triangle underway, which also will fail to dropp below the wave ((a)) low.
A lot of „if nd when`s“....The picture is not clear right know, but i favor the idea of fresh new los shortterm.
Have a great day....
ruebennase
Feel free to ask or comment.
Trading this analyze 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.