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Suggests either a decent pullback or something bigger in store
194 Views · 1 Replies ( Last reply by fib_1618 )
I follow this ETF for Hong Kong pretty closely. It appears to be near an inflection point and is at a spot where stops can be closely defined. The chart illustrates the reasons. According to EWT experts I follow, it appears to be finishing a minute degree c wave in a minor B and ready to start an minor degree C wave down to complete Primary Wave B potentially at its 2010 low or, if a triangle is forming with a Wave E type bottom, the completing ending at the lower blue trend line before a thrust up.
The triangle formation is pretty clear on the chart and price is in the .786 retrace area from the Dec low. The daily printed a TDSEQ sell set up 9(black color) yesterday which could signal an end of the move. ( Note on the chart the instances where a Black 9 printed on the chart close to or at an inflection point in this item.)
On lower time frames it appears to have completed the minute wave C looking at the hourly and shorter time frame charts at/close to important EW fib extensions.
Worth a look
it bottomed about 167 on dec 20 and then rallied to 223 on feb 8 for
a total of 56 points or a fibo 55
so far it has pulled back to 209 area or 14 points
looks to me like we need one more drop down to 209 or slightly below to
complete the C wave of an abc correction fwiw