KLCI waves

KLCI waves 17 - Higher Degree of Corrective Waves

hotstock1975
Publish date: Sat, 25 Jul 2020, 05:54 PM
hotstock1975
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Elliot wave analysis to measure price behavior for projecting next price actions
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Weekly Time Frame

 

 

An Bearish Engulfing has been formed after failure of retesting 1610 which indicated the trend is ready for an reversal. Therefore, the prior Double Top Range effect written off hope is put on hold unless 1610 is breached. 
 
On the other hand, the higher degree of correction is still underway which will be elaborated further in daily time frame.
 
-DMI (red line) is still heading down narrowly indicates bearish momentum is decreasing slowly. However, +DMI (blue line) started to curve down indicates bull strenght is slowing down. ADX (pink line) is still curving up with slower pace which implying the volatility of the current bull trend is slowing down too. With these 3 signals above, market's knee jerk reaction is unavoidable along the way up as expected.
 
Prevailing trend could be emerged if levels listed below was broken:  
 
Resistance - 1610
Support - 1572
 
 
Daily Time Frame      
 
 


 
 
To recap, higher degree of correction is still underway currently and two sub minutte wave A & B which had been formed as labelled. From current waves counts formation, i am seeing whether the entire correction formation is being structured with (5-3-5) Triangle formation to complete the cycle. Nevetheless, wave C is being monitored closely as it has the most potential properties of waves which may lead to complex waves formations such as WXY waves and etc. Therefore, the magnitude of the trend would still be monitored closely and quantified to anticipate any complexity. 
 
Currently, the ascending wedges formation will give us some clues for any pending waves to be quantified accurately.   
 
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 has changed. 
  
Prevailing trend could be emerged if levels listed below was broken:  
 
Immediate resistance - 1610
Immediate support - 1572
Support - 1563.01
 
To Recap, the Major Classic Bull Run Cycle is still valid and do expect market hiccup or correction waves before a new implusive waves taken place to achieve higher level.    
 
Let's Mr Market pave the waves.   
 
Trade safely
 
Wave Believer
 
 
 
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