KLCI waves

KLCI waves 9

hotstock1975
Publish date: Mon, 01 Jun 2020, 02:41 AM
hotstock1975
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Elliot wave analysis to measure price behavior for projecting next price actions
Following Message

 

Monthly Time Frame

KLCI was able to close above 1411.12 on 29/5/20 to succeed the piercing line formation and broke above UT line. These indicate that there is some strength for KLCI to initiate an potential upside in coming months. Due to these up thrust momentum, an revised wave counts has indicated that Major degree of Wave C correction could be ended at 1207 and a new Bull Waves Cycle has emerged without revisiting the low of 1207 again. However, we do expect there would be some knee jerk reactions in coming months along the Bull Cycle.  
 
Prevailing trend could be emerged if levels listed below was broken:     
 
Resistance : 1490
Support : 1343
 
 

Weekly Time Frame

 

As the up thrust momentum was strong, UT line was successfully penetraded at 1460 with three white soldiers bullish candle formations setup. Therefore, the sub 5th wave (v) of higher degree of 3rd wave extension (3) is believed to end at higher level instead of 1455.13.  
 
On the other hand, -DMI (red line) was still heading down and +DMI (blue line) was up with ADX (pink line) is still curving down which implying bearish momentum is decreasing in medium term to long term. If the current momentum is still strong, both -DMI and +DMI is going to meet at some point where the trend might be hovering around before a new trend to be taken placed. We will see +DMI to face an resistance if the current momentum continue.     
 
Prevailing trend could be emerged if levels listed below was broken:  
 
Resistance - 1490
Support - 1460 or UT line
 
 
Daily Time Frame      
 
 
Due to a strong implusive sub 5th wave (v), KLCI managed to penetrade above 1460 (UT line) and overwrote the tweezzer top bearish formation which indicated the sub 5th wave (v) will end at higher lever instead of 1455.13.
 
As mentioned, 1455.13 was an minimum criteria level for qualifying sub 5th wave (v) with another two projections targets (1462.41 & 1488.82). Therefore, we will watch closely from current level 1473.77 whether it will move towards 1488.82 OR 1473.77 is the last stop where sub 5th wave (v) could be ended.  
 
Last but not least, we will be very caution as KLCI has just entered into the gap resistance region although the three white soldier bullish candle setup was formed in weekly time frame.     
 
Prevailing trend could be emerged if levels listed below was broken:  
 
Immediate resistance - 1479.74, 1490.00
Immediate support - 1460 or UT line

 

Let Mr Market pave the way

 

Trade safely

 

Wave Believer

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