HK50 Wave Analysis 18 January, 2021

• HK50 rising inside accelerated impulse wave 3

• Likely to test resistance level 29175.00

HK50 index continues to rise inside the accelerated upward impulse wave 3 – which previously broke the powerful resistance level 28000.00 (former February high from the start of last year).

The breakout of the resistance level 28000.00 follows the earlier breakout of the resistance level 27000.00 and the weekly up channel from last May.

HK50 index is expected to rise further toward the next resistance level 29175.00 (former monthly high from January of 2020). Expect downward correction on reaching this price level.