Continue from prior session : https://klse.i3investor.com/blogs/E_Wave/

12/4/20

On weekly timeframe, the bullish engulfing setup has been realized after it closed above 1343 which was Double Top level. From prior session, there were 2 mentioned possible sub 4th wave levels which the minimum target level of 1345 - 1353 and maximum level was around 1441 which beneath the major up trend line. Since the minimum target was met, any greater degree of falling may indicates the end of sub 4th wave at around 25% fibo level. However, we won't rule out that KLCI may test higher level to end sub 4th waves towards 1441 (38.2% fibo level) as the bullish engulfing setup has emerged. We are also watching additional indicators from ADX where -DMI to cross below ADX signal line and +DMI to cross above the resistance line which as shown above. 

For the bullish engulfing setup to initiate continous upward trend, consolidate phase is expected with 2 supports level to watch as below:

1) Short term immediate support = 1343 

2) Final support = 1303-1306

Wavebeliever