Hang Seng.....Wave iv done!Hello Traders,
Hang Seng has made a new high @31084.95 on a closing basis (intraday at 31183.36) and pulled back to 30099.71. It closed the open gap left by trading on February 16. This low could be wave iv of v of (v) of (iii)!
If so, HS will make a new high on both, intraday and closing basis, in the coming days ahead.
The alternate view suggest a more complex structure for the coming week or two.
If HS is on a rally path, a common target for HS could be around the 32069.08 area, where waves (iii) of (v) of Y is a 1.382 Fib.-Extension of wave W-X!
It needs a decline below the area of 28259 to change the bullish view short term.
Note: the blue arrow means the more expected scenario, while the gray means less expected scenario!
Have a great weekend.....
Feel free to ask or comment!
Trading this analysis is at your own risk!