Hang Seng Impulse Wave

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 Hang Seng daily chart


Analysis

Hang Seng was moving precisely in a falling channel and was moving in a falling channel until the channel was broken thereby giving positive sign. Prices not only broke the resistance but is above trading above it which is a positive sign. However, RSI is in overbought zone and there are chances for it to relive from it.

As per Wave analysis, prices completed double correction (a-b-c-x-a-b-c) which earlier I thought it could be triple correction. I was wrong in that. After completing wave c of the second correction, prices have started fresh leg on the upside which looks to be impulsive.

As of now wave iii of wave iii is in motion and wave iv can unfold soon which can re-test the support of the channel (earlier acting as a resistance).

The summation is Hang Seng can move towards 21000-20500 and then resume the uptrend to reach near till 23500-24000 price range.


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