Post by stockpicker on Apr 10, 2014 15:10:40 GMT 7
HSI continued the rise 3 days in a row, now about to close 1.42% up @ 23,174. It is a remarkable turn around riding on the wave that drove the US market higher i.e. Fed Reserve would ease the rate hike as explained by the Fed officers. How high will the stock market goes this round is still unknown as Fed Reserve has not confirmed its intention except that its officers clarified that "ome members' comments had been misconstrued.”
Technically, HSI is in bullish state having cleared the 50% RSI with MACD clearly rising to scale another high. However, the Elliot wave count appears to suggest that HSI is just making another dead cat bounce before it goes down as the recent high in Dec 2013 has completed the fifth wave as shown in this attached chart...very much unlike the DOW chart which has one more wave to go. Nevertheless, the US market could make HSI to scale another new high again as they form their 5th wave..that was what the wave count said.. take it with a pinch of salt..