Hang Seng...Sideways within a Triangle structure!?
Hello Traders,
as to observe at the weekly chart Hang Seng is moving, more or less, in a sideways trading range, that is developing between the possible wave ((ii)) or (a) high @ 30280 and the low @ 24540! This is indicating a flat-pattern or at least a „Triangle-pattern“.
The latter one, which I have idealized at chart, gives us a forecast of what could be next to come.
While this week's move did not look complete, it is possible that HS needs some more down-up sequences to complete the structure within a wave (d) leg of the triangle. If so to come, HS will decline lower, but close above the wave (b) low @ 24899.90 level. After this target area will be achieved, the next move would occur to the upside within a wave (d). Both moves have to close below there previous waves. Overall, a period of sideways moving market is ahead of us.
As you know, a triangle pattern only occurs in a wave „4“ or „b“ or „x“ position and it marks the final sequence before a sharp move to the opposite side of the wave „e“ top/low occurs!
The important level for the triangle structure is the level of 24899. Any drop below this area would void the triangle idea!
As always, a lot of alternate counts do exist and we will wait `til the chart pattern tell us a clear story of what could be next!
Have a great weekend...
ruebennase
Feel free to ask or comment.
Trading this analysis is at your own risk!
as to observe at the weekly chart Hang Seng is moving, more or less, in a sideways trading range, that is developing between the possible wave ((ii)) or (a) high @ 30280 and the low @ 24540! This is indicating a flat-pattern or at least a „Triangle-pattern“.
The latter one, which I have idealized at chart, gives us a forecast of what could be next to come.
While this week's move did not look complete, it is possible that HS needs some more down-up sequences to complete the structure within a wave (d) leg of the triangle. If so to come, HS will decline lower, but close above the wave (b) low @ 24899.90 level. After this target area will be achieved, the next move would occur to the upside within a wave (d). Both moves have to close below there previous waves. Overall, a period of sideways moving market is ahead of us.
As you know, a triangle pattern only occurs in a wave „4“ or „b“ or „x“ position and it marks the final sequence before a sharp move to the opposite side of the wave „e“ top/low occurs!
The important level for the triangle structure is the level of 24899. Any drop below this area would void the triangle idea!
As always, a lot of alternate counts do exist and we will wait `til the chart pattern tell us a clear story of what could be next!
Have a great weekend...
ruebennase
Feel free to ask or comment.
Trading this analysis is at your own risk!
Penafian
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