Hello Traders,
Hang Seng closed the week by declining price. It failed to close the open gap from June 2018. Instead HS is on the way to close an open gap, left by the trading sessions as of March 29-30, 2019!
I have left a „questionmark“ at the possible wave ((iv)) level, cause I am not sure if this is all to the downside. It does not look harmonic, to my view.
Overall, there is no sign that the advance that startet in early January is done. From a candlestick-analyze we can face the fact, that the candle, left by closing this week, look like a „hangingman“, an indication that the trend is still exhausting. For more confidence into that signal we have to wait next week`s closing price at least.
Looking to other indexes we can observe, for example, Hang Seng Smallcap index has made a „doubletop“ and still reversed thereafter. The same is true for Hang Seng Internet index, which has made a „trippletop“ and reversed after. Check for more confidence also Hang Seng Composite index.
After a long rise for Hang Seng the air becomes thiner and thiner for new byuers to enter the market.
But as before. For more confidence in an ending advance we need to see more facts for the eventaully starting decline.
Have a great weekend...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!
Hang Seng closed the week by declining price. It failed to close the open gap from June 2018. Instead HS is on the way to close an open gap, left by the trading sessions as of March 29-30, 2019!
I have left a „questionmark“ at the possible wave ((iv)) level, cause I am not sure if this is all to the downside. It does not look harmonic, to my view.
Overall, there is no sign that the advance that startet in early January is done. From a candlestick-analyze we can face the fact, that the candle, left by closing this week, look like a „hangingman“, an indication that the trend is still exhausting. For more confidence into that signal we have to wait next week`s closing price at least.
Looking to other indexes we can observe, for example, Hang Seng Smallcap index has made a „doubletop“ and still reversed thereafter. The same is true for Hang Seng Internet index, which has made a „trippletop“ and reversed after. Check for more confidence also Hang Seng Composite index.
After a long rise for Hang Seng the air becomes thiner and thiner for new byuers to enter the market.
But as before. For more confidence in an ending advance we need to see more facts for the eventaully starting decline.
Have a great weekend...
ruebennase
Feel free to ask or comment.
Trading this analyze is at your own risk!