Last month was hitting on Hang Seng and then got out before a V bounced initiated by a bullish kicker.
Price is now at the previous bearish abandoned baby and seems to be setting up a
1234 with 2 months WR pending. It is either this or a ‘W’ bottoming chart pattern pending completion. Either way.
But now it seems to confluence with global risk-off mood. Will be waiting for the WR first, preferably with a bearish engulfing.
Price has completed a bearish expansion day below 2 months high. The color change from yellow to purple also suggests the initial bullish euphoria in breaking a key 2 months high has now been undone by an equally strong bearish expansion day. Such a sharp reversal suggests that very likely these levels are seen as resistance and hence I will be using that as a hard stop.
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