Hello Traders,
Hang Seng made a fresh new low on Tuesday @ 25092.3, which was the 0.72 Fibo of the decline after 26530.9! The pattern is clear a „three-down“ and implys an imenent rally ahead. To observe at chart is, that the advance since the low is possible start of a new a impulsive structure with a series of „1-2“ waves. If so, HS will raise within the next hours well above the 26530.90 within a wave 3.A gap to the upside at the next 1 or 2 days will support this view.
To observe at chart i s the „bullish-engulfing“, a clssic reversal pattern, which occured by the end of the week. This pattern will be astablished as long as the low of this candle (@25092) is in place. Normally this pattern is a strong signals for the bulls and it will be interesting to observe, how traders will handle this chance!
On the other hand...if this pattern will fail to unfold his message, a failed „buy-signal“ will be the best sell signal.
So intersting days ahead.
As before, the low at 24540.60 must be valid for the bullish view. Trading below will make this forecast less probable!
Have a great week....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
Hang Seng made a fresh new low on Tuesday @ 25092.3, which was the 0.72 Fibo of the decline after 26530.9! The pattern is clear a „three-down“ and implys an imenent rally ahead. To observe at chart is, that the advance since the low is possible start of a new a impulsive structure with a series of „1-2“ waves. If so, HS will raise within the next hours well above the 26530.90 within a wave 3.A gap to the upside at the next 1 or 2 days will support this view.
To observe at chart i s the „bullish-engulfing“, a clssic reversal pattern, which occured by the end of the week. This pattern will be astablished as long as the low of this candle (@25092) is in place. Normally this pattern is a strong signals for the bulls and it will be interesting to observe, how traders will handle this chance!
On the other hand...if this pattern will fail to unfold his message, a failed „buy-signal“ will be the best sell signal.
So intersting days ahead.
As before, the low at 24540.60 must be valid for the bullish view. Trading below will make this forecast less probable!
Have a great week....
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!