HSI Weekly - an indication of reversal

My friend from Hong Kong has been pestering me to take a look at Hong Kong Stocks. It is quite interesting that all its counters are in numbers rather than names. This make it even more like a perfect competition. On the hind side, it gives a feeling of lacking in personality, making it less interesting.

Anyway, what I have got is HSI on my data base. I looked at it and it does not look good.



Fig 1 HSI Weekly chart

The HSI has been climbing to new highs since beginning of this year and it seems to be unstoppable. This is where the risk is, when people are thinking that it will never fall.The recent weeks move by HSI seems to be losing momentum. In fact, base on its candle sticks pattern, the chart has completed an Advance Block indicating reversal.This week it seems, HSI bar is red, so far.

Still I have to bare in mind that its the middle of the week and there are 2 more days to go, things change quickly in 2 days. My last look on some indices indicated either advance block or deliberation last week, yet this week they broke the pattern.*sigh* there are still imperfection in me........