Hang Seng Anticipated Happened

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 Hang Seng daily chart Anticipated on 29th October 2022


Hang Seng daily chart happened on 11th November 2022


Analysis

In my previous update on Hang Seng dated on 30th October 2022, I had mentioned that, “Hang Seng can start a counter trend which can surge prices near till 16800-17000 levels over medium term.”

The index climbed above 17000 thereby achieving my mentioned level of 16800-17000– Anticipated Happened.

To view my previous article on Hang Seng, please click on the below mentioned link

https://www.marketanalysiswithmeghmody.com/2022/10/hang-seng-elliott-wave-analysis.html

As seen in the above chart, prices rallied from the support of the channel and has approached towards its resistance. There can be limited upside still left but it will be short lived. For a reversal to happen, it is important that prices break the level of 18800 which can drag prices towards 14200 levels.

RSI has arrived near to the overbought terrain, as far as the lower highs and lower lows are intact, RSI will not sustain above overbought terrain.

From Waves perspective, prices are on the brink to complete wave b in a zigzag pattern, where wave c of wave b has tested 78.6% of wave a to wave b of wave b which means there are chances of reversal anytime soon to open wave c on the downside of triple correction (a-b-c-x-a-b-c-x-a-b-c)

The summation is Hang Seng needs to break the level of 18800 which can plunge the index towards 14200 levels.


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