Tencent's stock took a significant hit, creating a noticeable gap in the chart. Nevertheless, for now, our primary assumption remains that the price is currently working on the turquoise wave 3 and will soon move toward the resistance at HK$715. Afterward, a corrective movement should follow during wave 4. However, if the stock falls below the support at HK$364.80, downward pressure will mount significantly and make it increasingly likely that the price will drop to new lows below the nearest marks at HK$261 and HK$188.60 to develop a new low of the large wave alt.[2] in green (probability: 36%).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.