Red color (Green for China) has been appearing for many days, and HSI has accumulatively slumped over 1000 points. A pessimistic atmosphere has arisen among investors. Good news is that GDP growth in US beats estimates. The markets would have a rebound after the crazy tumble. From technical view, let's see the below:
We can see the fibonacci fan (blue) and the downtrend channel (red). We can see HSI almost meets the bottom line for both analysis. It would have a rebound up, first to the red line and then could go up to the blue upper line. It means that HSI would go up to 20400 or even to 20700. However, the overall trend is going downwards. So for long-term investors, you should be considering whether to sell all your stocks at the rebound and wait till the next sign.
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