Hello Traders,
Hang Seng is moving higher, closed today @28432. The move to this high fits perfect into an Elliott trendchannel and have touched, both the upper and lower boundary line multiple times. That behavior makes this channel important. All the correction after hiting the upper line are one`s of lower degree.
The odds do favor both, more upward pushes, while counting the highs and low seperatly is givin g a total count of eleven, which is bearish. Following the bullish idea we need to see at minimum 123, which is a Fibonacci number.
If so, the next target zone remains between 28600-29083.
On the other hand any decline below 27717.6 on a daily closing basis will indicate more bearish potencial. I have place two potencial support levels with blue trendlines, one at 27329 and 26219. These level can be reached if the move up is done.
As befor. The level of 28K point is important and I would not be surprised if this level will take a while to get out of market.
Any close below 24896, and more important, below will make a new assessment necessary.
That`s it for a quick note....
Have a great Friday...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
Hang Seng is moving higher, closed today @28432. The move to this high fits perfect into an Elliott trendchannel and have touched, both the upper and lower boundary line multiple times. That behavior makes this channel important. All the correction after hiting the upper line are one`s of lower degree.
The odds do favor both, more upward pushes, while counting the highs and low seperatly is givin g a total count of eleven, which is bearish. Following the bullish idea we need to see at minimum 123, which is a Fibonacci number.
If so, the next target zone remains between 28600-29083.
On the other hand any decline below 27717.6 on a daily closing basis will indicate more bearish potencial. I have place two potencial support levels with blue trendlines, one at 27329 and 26219. These level can be reached if the move up is done.
As befor. The level of 28K point is important and I would not be surprised if this level will take a while to get out of market.
Any close below 24896, and more important, below will make a new assessment necessary.
That`s it for a quick note....
Have a great Friday...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!