Short term view of Hangseng Index suggests cycle from 6.28.2022 high is unfolding as a 5 waves impulse Elliott Wave structure. Down from 6.28.2022 high, wave ((i)) ended at 19469.11 and wave ((ii)) ended at 20185.15. Index then resumes lower in wave ((iii)) towards 16906.96 with internal subdivision as an impulse in lesser degree. Wave ((iv)) rally ended at 18164.20 with internal subdivision as expanded flat as the 1 hour chart below shows. Up from wave ((iii)), wave (a) ended at 17315.79, pullback in wave (b) ended at 16906.96, and wave (c) ended at 18167.37.
The Index then has resumed lower again. Technically it has enough number of swing to end wave ((v)) but near term may still extend lower. Down from wave ((iv)), wave (i) ended at 16438.60. Wave (ii) rally is in progress as an expanded flat and while below 18167.37, the Index can resume lower again. Near term, as far as pivot at 18167.37 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside. Once wave ((v)) ends, it should also end the cycle from 6.28.2022 high. Index should then do larger degree rally in 3, 7, or 11 swing to correct that cycle before the Index resumes lower.
