Hang Seng is climbing...

My last update on HSI in The flaw of group project in school and is Hang Seng continuation...downward? on 17th June 2024. It has been 3 months since then. 

At that point of time, while there were indications of down slide. I noted that it was more likely to be a correction of an upward trend. 

It continued to decline there after until its reversal on 4th August 2024. I did not set any support level for its correction in my last entry. 

Using retracement measurement through its up trend. I noted the reversal point was its 61.8% retracement line.

Fig 1. Hang Seng weekly chart

While climbing higher since, there was a mild correction when it hit its 55-week moving average, and managed to break through 55-week moving average decisively this week. It is heading up.

One point to note here, it is facing an uphill task now, what do I mean by this?

Its climb will face numerous levels of moving averages. If I am to be strict on my selection, I will limit to Fibonacci numbers.

Its climb this week is held back by its 8-week moving average, with next level 144-week moving average in waiting. There is a possibility that a correction will happen every time HSI hit a moving average.

At the same time, this week's escalation of HSI also crossed its minor 61.8% projection with its 100% objective at 18,665.

What I will see is another resistance level of 19,594 to 21,573, with an additional resistance 22,868.

But what troubling me is its double top formation with support at 8,447 to 13,221. These levels have not been reached. Is it possible that Hong will go on further decline with the present move as a congestion prior to continuation?