Firstly, apologies for coughing around the 8th min (too much chocolate). Basically this analysis builds on top of the HSI and China A50 analysis that I've done previously and that I expect Tencent to move down to $246 and hits the lower channel line as well as 1x of wave (1) distance by 2023 year end.
This is my detailed analysis of AAPL and it is a strong Sell for the following reasons: 1. End of multiple wave 5s. 2. Triple Fibonacci targets reached. 3. Wave 4 as a triangle confirmed the 1 year move up as the last wave.
In Summary: 1. We see 5 waves up and wave1=wave5, and it doesn't matter if it is a 1-2-3-4-5 or a W-X-Y-X-Z. The next move should be down. 2. RSI(7) crosses 88 and based on 3 other historical instances of similar preceding pattern, the next move should be down. 3. The risk-reward is better on the short side than the long side.
This is a short update to HSI. I will expect that the burst up today is a corrective wave 4 and for the next 2 weeks, a correction down to 15000.
Clearly seen on this chart is the cup and handle that lasted for 12 years and now we are going into a wave 3 of 3.
In the higher timeframe, we are doing a pullback. Also, the lower timeframe looks bearish. We are waiting for the end of the upward structure and initiate a short from there.
We finally got some data that allows a better interpretation. In the 15m, there is a potential long trade for today but the upside is limited as it concerns the fifth wave.
We might have finished an upward structure in the lower timeframe that aligns with the end of an upward structure in the higher timeframe. Although there is insufficient evidence for a bearish NASDAQ we call for caution in long trades.
In the 1 hour, it looks like the DOW is close to finishing an impulse to the upside. A short trade can be initiated but be careful because you are trading against the main direction.
In the higher timeframe, we are doing a pullback. Also, the lower timeframe looks bearish. We are waiting for an ABC correction to the upside and initiate a short from there.
Several scenarios can play out today. We are waiting for more data. The current structure does not give us a reliable setup.
We might have finished an upward structure in the lower timeframe that aligns with the end of an upward structure in the higher timeframe. Although there is insufficient evidence for a bearish NASDAQ we call for caution in long trades.
In the 1 hour, it looks like the DOW is close to finishing an impulse to the upside. A short trade can be initiated but be careful because you are trading against the main direction.
In the higher timeframe, we are doing a pullback. Also, the lower timeframe looks bearish. We are waiting for an ABC correction to the upside and initiate a short from there.
Several scenarios can play out today. We are waiting for more data. The current structure does not give us a reliable setup.
We might have finished an upward structure in the lower timeframe that aligns with the end of an upward structure in the higher timeframe. Although there is insufficient evidence for a bearish NASDAQ we call for caution in long trades. We see a potential short today (against the main direction).
In the 1 hour, it looks like the DOW is close to finishing an impulse to the upside. A short trade can be initiated but be careful because you are trading against the main direction.
In the higher timeframe, we are doing a pullback. Also, the lower timeframe looks bearish. We are waiting for an ABC correction to the upside and initiate a short from there.