close to a short term topindex found support at 286xx the range bottom with the hourly bar still closing above it.
we may get another push to the 288xx area before a quick drop towards the end of this month
Hangsengindex
correction pendingsaw resistance at 288xx. should be heading to 282xx-281xx first.
some interesting finding : after 8 straight bullish candles on monthly. the 9th would be bearish(which was true as we saw last month).
the 10th candle would also be bearish 70% of the time). This month the index opened at 27885,
lets see if there 'd be some fast sell off towards the end of October.
Struck in the Middleafter the rebound to 285xx, index quickly dropped back all the way to 283xx and further to the 282xx support during the night sessions
yet it found support at the bottom of the range again and managed to go back to 284xx this morning.
Now it would only be safe to short again if the hourly closes below 28330 or 28362 for futures.
it could go all the way to 288xx if this level holds. but i don't recommend longing the index
Confluencethe top of a channel, a pitchfork warning line, a fib level and the top in 2015..
the index s showing resistance
some little rebound to 284xx-285xx should happen first though
Near resistance againRebound target met. very bullish day.the index gapped up through two median lines and is now approaching the top yellow schiff pitchfork warning line AGAIN.
Over the past two month, it s been proven to be a huge resistance level. lets see how price reacts when we get there.
new highNow that 28128 s been broken
the hsi should be heading towards the 285xx area
yet its still very likely that the index would come back down below 28015( monthly open price) before the monthly bar closes
As the hangsengindex has never seen 9 bullish candles in a row over the past 30 years.
what a reboundthe index did rebound as predicted but boy did it go up with great momentum
if it managed to go above the high at 28128, it would negate my hourly count
a complex wave iv s fxxked up like that :)
that being said, since we just saw 8 straight bullish candles close on the monthly chart, even after it goes past 28128 to the 283xx-285xx area , it s still very likely the index would go back down to close as a bearish candle by the end of September.
where we are nowit is possible that there would be another up move to the 278xx before going down again.
(Beware)8 bullish monthly candles in a row Another bullish candle just closed on monthly( 8 in a row!!). History shows that some sort of correction is bound to happen.
Especially with that possible irregular B on daily :)
new high as irregular B or not ?not sure if this new high is an irregular B in the correction or the start of the final wave 5
alternative countmarket did rebound to the 274xx level as suggested
but it gaped up with great momentum and went past the 0.618 level to the 0.786 level of wave i
usually a wave C down would be swifter and wouldn't "stall" that much.
Market need to come down again fast or I'm a bit worried for the bears
An alternative count would be wave 4 is taking the form of a contracting triangle (red arrow) ( which the first 5 wave down could be counted as 3 waves)
and shorts should be covered around the 272xx-27xxx area.
the high of last week 27625 is their last line of defence. it cannot be breached or it s game over for the bears
wave ii of wave Cmarket seems like heading to the direction suggested in my last idea
yet a deep wave ii seems underway. may see some rebounds to the 273xx-274xx area first before going down to finish the whole wave c at around 265xx-261xx area.
Hang Seng Index dropped more than 470 points now. What's next? HSI has suffered from one of the biggest drops on 10 August 2017 in one month. The index had an upward bias since it made the recent low of 25199 on 5 July 2017 and made a recent high at 27876 on 8 August 2017. Investors like you may be concerned whether this upward bias is coming to an end.
From a technical analysis perspective, the upward bias of this index remains unless we see the recent low of 25199 be taken out. Based on our forecast, the index may potentially retrace to 26850 as our first target level or 26200 as our second target level. Investors like you may consider taking a prudent step to buy the index at these levels if they take the position that the upward bias remains intact. On the other hand, it is possible for this index to continue its upward bias without retracing to these levels. In such cases and based on our forecast, the index may potentially reach 28200 as our first target on the upside, followed by 29000 as our second level target.
Stay tuned for our further update on this index movement.
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corrections targetgoing back to 263xx in the short term
may retrace back to 252xx-25000 in a month or two
market has reached a big resistance level. Correction Alertwave v of wave 5 may have already finished
wave i s extended and wave iii s short. wave v could only be shorter than wave iii..
Correction about to happen
