Hong Kong 33Short
Hang Seng or HSI Short opportunity
Updated
Impulse intra-wave 3 (should be fast and furious??)
Prepare for the 3rd intra-wave down (of the bigger TF's 5th wave).
As expected, market has retraced (upwards) to our earlier analysis to Fib50 levels and missed FIB61.8 by some (for now).
Price gapped up and rose past FIB50 and has not exactly tested FIB61.8 yet. Let's monitor through the Euro and US sessions to see if it does. Hope some people took up the 'dare to LONG' from the previous analysis (can be found in link below) and made some profit.
Currently in a 1/2 (of my total risk amount/percentage) Short position at FIB50 and would be risking another 1/2 Short position at FIB61.8 if it happens.
No change in TP1 levels which is near March 2020 lows and resistances where it'll be in confluence with FIB161.8 ext. I'll be exiting some at the Blue line drawn in the chart at about 21400 level 1st.
*It is important to pay attention to market changes (fundamentals) as the days go by. We know that at times, the 5th (main) wave may fail (ie may not move past the highest/lowest level that wave 3 had created).
**Please refer to chart and link for the different levels (of prices) mentioned in the analysis. Thank you.
Prepare for the 3rd intra-wave down (of the bigger TF's 5th wave).
As expected, market has retraced (upwards) to our earlier analysis to Fib50 levels and missed FIB61.8 by some (for now).
Price gapped up and rose past FIB50 and has not exactly tested FIB61.8 yet. Let's monitor through the Euro and US sessions to see if it does. Hope some people took up the 'dare to LONG' from the previous analysis (can be found in link below) and made some profit.
Currently in a 1/2 (of my total risk amount/percentage) Short position at FIB50 and would be risking another 1/2 Short position at FIB61.8 if it happens.
No change in TP1 levels which is near March 2020 lows and resistances where it'll be in confluence with FIB161.8 ext. I'll be exiting some at the Blue line drawn in the chart at about 21400 level 1st.
*It is important to pay attention to market changes (fundamentals) as the days go by. We know that at times, the 5th (main) wave may fail (ie may not move past the highest/lowest level that wave 3 had created).
**Please refer to chart and link for the different levels (of prices) mentioned in the analysis. Thank you.
Trade closed manually
When price closed strongly above FIB78.6 yesterday, the chances of our trade diminished significantly. SL would likely be hit in a while.Currently, price is sitting on a major resistance area.
We could see prices float us up to the shaded area beside the '4' before making a turn back down for the 5th wave.
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