Hang Seng: Possible triangle pattern and it's Elliott Wave forecast

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Hang Seng (Hong Kong) Daily chart


Hang Seng is Hong Kong benchmark index, which is been moving mostly in a range of 30,000- 25000. I think as far as price persists in this range no clear direction can be seen. This range can become narrow going ahead as triangle can be formed in a corrective wave.

As per wave theory, wave a was in a impulse fashion. As of now from the level of 24500 to 30000 is wave a of wave b followed by wave b of wave b lower at 25000 and currently it is in wave c which has already progressed till 61.8% of wave a of wave b. There are chances for it to go till 80% too. I think 29200 is the capping for the current wave up which will start wave d down followed by wave e up which will terminate below 30100 levels.

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