KLCI waves

KLCI waves 15 - 5th waves update

hotstock1975
Publish date: Mon, 13 Jul 2020, 01:44 AM
hotstock1975
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Elliot wave analysis to measure price behavior for projecting next price actions
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Weekly Time Frame

 

KLCI was able to sustain above DT line and moved higher after the gap of 1556 - 1568 was filled successfully and 1575 was breached. These might build up some strenght to test next major resistance at 1610. To recap, the prior Double Top Range effect would be written off if 1610 is breached. 
 
The higher degree of 5th wave is still underway which will be elaborated further in daily time frame.
 
-DMI (red line) is still heading down and made new low indicates bearish sentiment is continuing decrease. +DMI (blue line) continued curve up with breakout to new high indicates bull strenght is in control. Besides that, ADX (pink line) is starting to be flatthen  from downward which implying the volatility of the current bull trend is gradually returned. Eventhough both DMI indicator is starting to widen up, stronger magnitude of bull is required to be developed before it can move higher in order for ADX to curve up again. 
  
Prevailing trend could be emerged if levels listed below was broken:  
 
Resistance - 1610
 
Immediate Resistance - 1600
 
Immediate Support - 1575
 
Support - 1556
 
 
 
Daily Time Frame
 
 
 
      
After 1575 was breached, KLCI was able to close slightly above 1590.83 which was the high of higher degree of 3rd wave. These indicated higher tendency of higher degree of 5th wave to be realized at higher level.  
 
Currently, There are 5 sub minutte wave structure is being formed to complete higher degree of 5th wave and 4th sub minutte wave correction is underway which would be monitored closely to anticipate any possible complex wave form structure being emerged. 
 
The potential projected targets of higher degree of 5th wave which are 1628, 1643, 1690 and 1712. The validity of these projection target would be high once the resistance of 1610 to be breached. 
 
All waves' count and projected target are generated based on past/current price level and it may be subjected to vary if degree of momentum movement change.    
 
Prevailing trend could be emerged if levels listed below was broken:  
 
 
3rd resistance - 1610
 
2nd resistance - 1600
 
Immediate resistance - 1595
 
Immediate support - 1575
 
2nd support - 1556
 
 
Let's Mr Market pave the waves.   
 
 
Trade safely
 
 
Wave Believer
 
 
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