Hang Seng Index: About to bottom; large up move coming in wave 3

Hang Seng Index has been in a downtrend for last 4-5 years. The index bottomed in Oct 2022 when China uplifted the COVID restrictions. It has been correcting the first swing since last one year. The index is approaching a critical Fibonacci level where the wave 2 should end. The level has high correlation with the multi-year trendline as well.

Commento:

Market is nearing the level of 17135. Looking for a consecetive close above it on a daily and weekly timeframe to confirm that the bottom is in!