Hello Traders,
In this Elliott Wave Analysis, we will have a look at the Hang Seng Index.
Short-term view suggests that the rally to 31521.13 high on 6/07/2018 peak ended blue wave (2). Down from there, the decline to 27990.45 low is proposed to have completed blue wave (3).
The internals of blue wave (3) unfolded as Elliott Wave Impulse structure with extension. This suggests the sub-division of each wave lower (i.e. red wave 1, 3, and 5) unfolded as 5 waves structure. Below from 31521.13 high, Red wave 1 of blue wave (3) ended in 5 waves at 30874.1 and red wave 2 of (3) ended at 31242.86 high.
Then down from there, red wave 3 of (3) took place in extended 5 waves & ended at 28169.1. Up from there, red wave 4 of (3) ended at 28962.29 high, and red wave 5 of (3) ended at 27990.45 low. Above from there, the index is correcting cycle from 6/07 peak in blue wave (4) bounce.
The internals of that bounce is expected to unfold as an expanded flat. As far as a pivot from 6/07 peak (31537) peak stays intact, the index is expected to fail 1 more time within blue wave (5) towards 27588-26540 target area next.
Afterward, the index is expected to find buyers there for larger 3 wave reaction higher at least. We don’t like selling the Index
In this Elliott Wave Analysis, we will have a look at the Hang Seng Index.
Short-term view suggests that the rally to 31521.13 high on 6/07/2018 peak ended blue wave (2). Down from there, the decline to 27990.45 low is proposed to have completed blue wave (3).
The internals of blue wave (3) unfolded as Elliott Wave Impulse structure with extension. This suggests the sub-division of each wave lower (i.e. red wave 1, 3, and 5) unfolded as 5 waves structure. Below from 31521.13 high, Red wave 1 of blue wave (3) ended in 5 waves at 30874.1 and red wave 2 of (3) ended at 31242.86 high.
Then down from there, red wave 3 of (3) took place in extended 5 waves & ended at 28169.1. Up from there, red wave 4 of (3) ended at 28962.29 high, and red wave 5 of (3) ended at 27990.45 low. Above from there, the index is correcting cycle from 6/07 peak in blue wave (4) bounce.
The internals of that bounce is expected to unfold as an expanded flat. As far as a pivot from 6/07 peak (31537) peak stays intact, the index is expected to fail 1 more time within blue wave (5) towards 27588-26540 target area next.
Afterward, the index is expected to find buyers there for larger 3 wave reaction higher at least. We don’t like selling the Index
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