My previous analysis of the Hang Seng Index was invalidated. And now I've done a revamp of the wave counts for 2023.
This is the summary:
1. Hang Seng will continue to fall either till Christmas or EOY.
2. Target support, or end of correction, will be 14980-15100. Look out for this support zone.
Hang Seng (HongKong) Index Daily Chart trading Below All its 50 100 200 EMA.
Expecting Support from Weekly 200 EMA Levels 26600.
If Broken Further Downfall can be expected As per the levels on the chart.
Do Your Own Analysis Before Investments.
The mainstream media is blaming the mysterious virus in China for the pullback in the Hang Seng index, we as a technical analyst view it differently.
Bullish view - It should bounce at the moving averages (red box) and confirms the double bottom and break out.
Friends, please before reading, support this idea with your Like and any Comment, thanks.
You can take short sale Hang Seng Index from 28900-29000
Stop-loss 29500
You will find more trading ideas in SAV Finance community.
Good luck!
