$HSI Futures(JUL4) (HSImain.HK)$ We wanted to see the 200 Da...
We wanted to see the 200 Day MA hold during the session today and show relative strength against the US market but the 200 Day MA has not held so far and it is still seeking support.
Because the 200 Day MA was lost, this pull back for potentially Wave 4 infringed upon our original Wave 1, so the previous Impulse Wave could not stay valid.
What I am exploring here is this potential Leading Diagonal Wave 1, which can only be found in Wave 1 and it is where waves overlap (lesson 4).
Meaning the structure now is in a Wave 2 pull back and we will be looking at the 0.618 Fib for support at 16,682.
We can see that the 0.618 Fib is exactly at the green support line, which is an historical support line that has been in place since 1998, an interesting coincidence.
That all being said, HSI needs to hold a higher low next and we would like to see it behave as it did in April when the US showed weakness.
Because the 200 Day MA was lost, this pull back for potentially Wave 4 infringed upon our original Wave 1, so the previous Impulse Wave could not stay valid.
What I am exploring here is this potential Leading Diagonal Wave 1, which can only be found in Wave 1 and it is where waves overlap (lesson 4).
Meaning the structure now is in a Wave 2 pull back and we will be looking at the 0.618 Fib for support at 16,682.
We can see that the 0.618 Fib is exactly at the green support line, which is an historical support line that has been in place since 1998, an interesting coincidence.
That all being said, HSI needs to hold a higher low next and we would like to see it behave as it did in April when the US showed weakness.
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