Hang Seng...Sideways. Waiting for a breakout!Hello Traders,
not much new to add for Hang Seng.
The market is trading in a more or less sideways move and shows no clear odds to one or the other side.
The move from the possible wave „4“ high is ranging within a trend channel and a breakout above the upper boundary and a move above the 23600 area would imply more potential to the upside.
A possible target range should be at or around @ 24184.50, the wave (iv) high of one lesser degree. This would coincide with a 0.618 Fibonacci @ 24634.50.
But it would be too large to be a wave „4“ and so the odds would increase in this case, that wave „5“ has ended @ 21139 on March 19 and a countertrend in a wave „2/B“ is underway.
On the other hand. If more weakness has to come for HS and it would break into the gap-range of 22497.6-21696 from March 23-24 would strengthen the odds, that indeed wave „5“ is not done and instead HS has finished a wave „4“ on March 27!
A break above the possible wave „42 high would alter this scenario.
Have a great and safe weekend.....
Best regards to all my followers and traders and their families around the globe.
Stay healthy and safe! #Stayhome!
ruebennase
Feel free to ask or comment.
Trading this analysis is at your own risk!
