HSI on C of B now...

Fig 1 HSI Weekly Chart

Well, from the looks of it, HSI should be reversing up tomorrow because of the followings:

1) 21 weeks moving average supporting at 21,307;
2) HSI reaching the envelop support level of 20,940;
3) The RSI indicator is reversing up. The only thing bothering me is that it is in the middle of the ocean, ie. neither bottom or top;
4) It is most likely doing the C of the B wave;

So even if it heads south, there is very limited down side due to the envelop support. However, I might want to stay away from HSI still because of the wedge target. Eventually, it will reach the target at 19,647.