Indices
TUESDAY, APRIL 27, 2010
Hangseng
HANGSANG: (VIEW- BEARISH)
As per wave Count Hang sang has completed it’s one down leg of ZIGZAG correction at low of 19423 on 08\02\2010. It can be marked as Wave-W. Then after, it has bounce back from lows & completed its wave-X pull back at high of 22388.80 on 12\04\2010 which is 78.6% retracement of entire fall from high of 23000.40 on 17\11\2009 & also right shoulder of H & S Pattern as per attached charts.
Now, it’s headed for one more leg down correction i.e. - wave-Y. This can go further down till19500 levels. It’s also neckline of H & S pattern. Breaking below it will lead to sharp fall in Hangsang. One should watch it around this level. Overall view remains down till it crosses 22400 levels.
Momentum Indicators KST\MACD is also showing sign of weakness
As per wave Count Hang sang has completed it’s one down leg of ZIGZAG correction at low of 19423 on 08\02\2010. It can be marked as Wave-W. Then after, it has bounce back from lows & completed its wave-X pull back at high of 22388.80 on 12\04\2010 which is 78.6% retracement of entire fall from high of 23000.40 on 17\11\2009 & also right shoulder of H & S Pattern as per attached charts.
Now, it’s headed for one more leg down correction i.e. - wave-Y. This can go further down till19500 levels. It’s also neckline of H & S pattern. Breaking below it will lead to sharp fall in Hangsang. One should watch it around this level. Overall view remains down till it crosses 22400 levels.
Momentum Indicators KST\MACD is also showing sign of weakness