Hang Seng Elliott Wave Analysis

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 Hang Seng daily chart


Analysis

As shown in the above chart, Hang Seng is moving precisely in a falling channel and has arrived near crucial support. There is a high possibility for the prices to move higher from current levels as downside looks limited.

RSI has started exhibiting positive divergence which supports my view that the index has a limited downside. This does not mean that the trend of the index has changed, but a counter trend is in offing.

From Waves perspective, it is very clear that prices are moving in a triple correction (a-b-c-x-a-b-c-x-a-b-c). Where wave a of the third correction is completed and wave b is likely to unfold soaring prices near till 16800-17000

The summation is Hang Seng can start a counter trend which can surge prices near till 16800-17000 levels over medium term.


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