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Greetings Traders:
Here are the updated wave counts of the Hang Seng Future in the weekly
and daily timeframe. Eventhough my weekly chart calls this as a
resolution to Wave (4). At this point in time, I do not have the
confidence to label the current upmove as the inception of Wave (5). The
A-B-C (Green) of the minor degree could turn out to be a big (a) of the
intermediate timeframe. If such scenario plays out, the current upmove
will turn out to be a (b), which is a bear rally to the completed five
wave impulsive up move made on 03/31/2000 (not shown). The final
scenario could be that the current rise is the beginning of Wave D
within the bullflag. As everyone knows well, A-B-C is a sure thing in
any corrective patterns but Wave D & E are just a guessing game.
Disregard of all the above scenarios depicted, the current prices,
patterns and location favor for the long positions of the index and its
constituent stocks. Finally, notice the positive divergence made on the
RSI of the daily chart. Now compare the recent declining wedge with the
decling wedge made on 05/26/2000 with the same kind of positive
devergence on the RSI. So far, the setups look quite encouraging that
the Hang Seng Future will trail to higher territories. Take care and
regards.
Have a good one
Jeff Harteam
Hong Kong
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