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2nd test of the previous pullback low, 40% chances of double bottom, wait and see.
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UBS Group AG lowered its target for Hong Kong’s benchmark stock gauge by 25 percent, saying its worst-case scenario for the city is coming true as the economy weakens and tourism arrivals decline.
The Hang Seng Index will slide to 19,775 as slowing growth in the city and China weigh on corporate earnings, UBS analyst Spencer Leung wrote in a report dated Sept. 2. That’s a 5.5 percent drop from the last close and implies a 16 percent decline for 2015. In December, UBS’s target for the end of 2015 was 26,484 and the 19,775 level was the "black sky" of four possible outcomes.
mind the open gap 1914.70-1916.40 - ish Tuesday AM, mind the lower triangle edge .. should it hold and if we have a wicked rally to the upper side of the triangle.. as they try to "save' / paint the weekly candle. *IF not.. mind the lows, and the next open gap just below the recent lows 1867
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Last edited by fehro on Fri Sep 04, 2015 9:23 am, edited 2 times in total.
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too stretched on the downside so should be a rebound or at least consolidation first.
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Be careful of a possible sticksave by the bulls today since it went from yesterday's hourly Extreme Hourly Overbought signal to today's hourly oversold signal.
Get out of the way at 1935~ trigger if there is a sticksave.
For intraday bears, a break below 1910 would immediately send us back to the 1898-1900 lower end of the range.
We are still in this 1966.25 vs 1898.75 shake fest battle. It is what it is...
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SPX.. didn't quite tag or fill the lower gap.. seems we still need to under cut the lows briefly.. before up.. if it bounces.. other wise.. lower cyan trend 5m
Hi Heck,
1. Do you find that this ise is indicative of future intraday movement?
2. Do you look at the levels or just the change in levels? (red arrows - change)
Thanks,
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Educational only and not trading advice (EO&NTA) Good trading to all