Hello Traders,
Hang Seng made a high on September 13 @ 27366.50 and retraced a 0.786 Fibonacci of the advance to 25917. This is a possible wave (2) in a double 1-2 move.
The first wave „2“ retraced also near a 0.786 Fibonacci of the advance as the second did. Technical measurements (not shown) spot the same behavior, while the second wave (2) has shown readings of „stronger“ performance.
The bullish count implies that at 25917.7 a second wave has ended and a wave (3) has started, which will push HS strongly higher in the coming days. A solid close above the 26190 was a good hint for this idea. Because a close above that level will break a series of lower highs and lower lows.
For the bearish case, it is important to accept the level of 25736, `cause a break of this level will create overlapping waves between wave (1) and (4).
So the coming hours and days will give a good hint to which direction HS will move.
Have a great week....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
Hang Seng made a high on September 13 @ 27366.50 and retraced a 0.786 Fibonacci of the advance to 25917. This is a possible wave (2) in a double 1-2 move.
The first wave „2“ retraced also near a 0.786 Fibonacci of the advance as the second did. Technical measurements (not shown) spot the same behavior, while the second wave (2) has shown readings of „stronger“ performance.
The bullish count implies that at 25917.7 a second wave has ended and a wave (3) has started, which will push HS strongly higher in the coming days. A solid close above the 26190 was a good hint for this idea. Because a close above that level will break a series of lower highs and lower lows.
For the bearish case, it is important to accept the level of 25736, `cause a break of this level will create overlapping waves between wave (1) and (4).
So the coming hours and days will give a good hint to which direction HS will move.
Have a great week....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!