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
Hangsengindex
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
