Continue from prior session : https://klse.i3investor.com/blogs/E_Wave/2020-04-12-story-h1505929054-KLCI_waves.jsp
4/19/20
On weekly timeframe, the bullish engulfing setup was able to initiate a first up trust to test higher level and passed throught 25% fibo. In this case, next target may be tested at around 38.2% fibo (1441.27) if upward momemtum persist in coming days. If it does, the daily huge gap would be filled convincingly before testing these level which was simultinously resisted by the prior uptrend line nearby.
Besides that, -DMI was able to cross below ADX and +DMI had breakout from resistance which signals bearish momentum is decreasing towards to uptrend. However, we will still be caution if it reach 38.2% fibo which might complete sub 4th wave. On the other hand, we will also reassess the wave counts if any degree of momentum is strong enough to break above the prior up trend line as we can't underestimate the current bullish engulfing setup.
Last but not least, any penetration below the supports level may signal the begininng of sub 4th wave.
Immediate support : 1357
Final support : 1343
Wavebeliever
Created by hotstock1975 | Jan 24, 2022
Created by hotstock1975 | Jan 17, 2022
Created by hotstock1975 | Dec 20, 2021
hotstock1975
Correction for the last statement above
"4th" >> "5th"
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"Last but not least, any penetration below the supports level may signal the beginning of sub "5th" wave"
2020-04-21 22:33