HK50 Wave Analysis – 21 April, 2020

• HK50 reversed from resistance area
• Likely to fall to 23000.00

HK50 recently reversed down sharply from the resistance area lying between the key resistance level 25000.00 (former yearly low from 2019), upper daily Bollinger Band and the 50% Fibonacci correction of the previous downward impulse (C) from January.

The downward reversal from this resistance area started the active short-term corrective wave 2.

HK50 is expected to fall further toward the next support level 23000.00 (target price for the completion of the active wave 2).