Risk aversion continues in Asian session today with Hong Kong HSI gapped down and hit as long as 23895.03. But the index then recovered as selling eased somewhat, down -1.3% only after morning session. Prior rebound to 25303.77 was a surprise to us but the overall view isn’t changed. Price actions from 21139.26 are seen as a corrective pattern. The question now is whether such correction has completed. Focus will be on 22519.73 support for the next week or two. Firm break there would pave the way to 21139.26 and below, as larger down trend resumes.
