Hang Seng Elliott Wave Analysis

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 Hang Seng Daily chart


Analysis

As shown in the above chart, the index is consolidating near to the support of the falling trend line from many months. Also it is in the process to form the right shoulder of the inverse head and shoulder pattern. Any reversal from current levels which is 19900 can show a positive momentum towards 23000 levels followed by 25000.

Wave theory suggests that, prices are moving in wave ii of wave iii and can open wave iii of wave iii higher which can go till 23000 levels. Also 0-ii trend line is intact which can make wave iii extended.

The summation is Hang Seng is positively poised and can move higher towards 23000 followed by 25000 over short to medium term.

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