KLCI waves
KLCI waves 6
hotstock1975
Publish date: Mon, 11 May 2020, 12:31 PM
hotstock1975
0 101
Elliot wave analysis to measure price behavior for projecting next price actions
Continue from KLCI waves 5 : https://klse.i3investor.com/blogs/E_Wave/2020-05-04-story-h1506878621-KLCI_waves_5.jsp
Weekly Time Frame
From the last 2 candles, Bearish Harami formation has been formed which indicates bearish sentiment is still persist. These was the second set of bearish formation after Dark Cloud Cover from prior 2 weeks. -DMI and +DMI are still implying consolidaton is taken place.
An continuous short term trend could emerge if levels listed below was broken:
Immediate Resistance - 1407
Immediate Support - 1369
Daily Time Frame
KLCI has consolidated and traded in tight range to form a bullish triangle. To recap, our bearish view on the downside is still hold since KLCI has yet to breach above the high of minuette sub wave ii at 1418. Therefore, a trend channel (CT) and few trend lines (DT, UT) has been constructed to capture more signals. For the past fews days, it was resisted under DT line which is one of the important level to watch in coming days.
Since there are new signals prompted, we have prepared 2 possible outcomes which either bearish or bullish setiment might take place if certain critical levels is breached respectively. You may see the wave counts for bullish look has been revised.
a) Bearish view
Since our prior bearish view is still hold, minuette sub 3rd wave would take place if the triangle break down and the support 1369 broken.
b) Bullish view
From the chart below, a possible new wave counts would be realized if there was a breakout from triangle and closed above 1418. Besides that, Wave C could be ended at 1207 low. Thereafter, UT line level to be watched closely when KLCI is trending higher.
All analysis above are based on past and current price levels setup. It could be vary at some point in time.
Stay healthly and safely.
Wave Believer
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