Hello Traders,
Hang Seng is trading in a flag. Today (2021-06-03) it touched the upper boundary of the channel and reversed.
This could be all wave ((b)) and the next move is to the downside, first to the middle line of the channel.
A rise above the high at 29405 will weaken the bearish view.
At the hourly chart you will observe the break below the rising trend line, blue. This indicates probably more weakness to come in the hours ahead and is a bearish sign. A substantial break of the level at or around the 28966-28884 area will be a good indication for this argument!
At 28804 a 0.382 Fibonacci of the latter advance is placed, and we will observe Hang Seng's behavior. More bearish potential exist!
Have a great Friday.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!
Hang Seng is trading in a flag. Today (2021-06-03) it touched the upper boundary of the channel and reversed.
This could be all wave ((b)) and the next move is to the downside, first to the middle line of the channel.
A rise above the high at 29405 will weaken the bearish view.
At the hourly chart you will observe the break below the rising trend line, blue. This indicates probably more weakness to come in the hours ahead and is a bearish sign. A substantial break of the level at or around the 28966-28884 area will be a good indication for this argument!
At 28804 a 0.382 Fibonacci of the latter advance is placed, and we will observe Hang Seng's behavior. More bearish potential exist!
Have a great Friday.....
Ruebennase
Feel free to ask or comment!
Trading this analysis is at your own risk!