KLCI waves

KLCI waves 20 - wave A emerged

hotstock1975
Publish date: Mon, 17 Aug 2020, 01:24 AM
hotstock1975
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Elliot wave analysis to measure price behavior for projecting next price actions
Following Message

Weekly Time Frame

 

No doubt that KLCI was not able to close above 1572 as weakening strenght embeded from prior weeks. However, an wishful rebound may be emerged because of minor bottom fishing attempts.  
 
On the other hand, the higher degree of correction will be elaborated further in daily time frame.
 
-DMI (red line) is starting to flatten indicates bearish momentum is decreasing. +DMI (blue line) is still heading down with narrow margin and crossed below ADX (pink link) indicates the pace of bull strenght is still decreasing. ADX (pink line) is curving down which implying the volatility of the current bull trend is still decreasing. Therefore, the summations of the 3 signals above is implying uncertainty still remains and knee jerk reaction is unavoidable as expected. 
 
Prevailing trend could be emerged if levels listed below was broken:  
 
Resistance - 1610
Immediate Resistance - 1572
Immediate Support - 1553
 
 
Daily Time Frame
 
 
After 1566 was breached, wave A had been formed with 3 sub minutte waves eventhough wave A ended at 1539.61 which was 9 points away from its minimum criteria at 1530. 
 
Currently, wave B is still being constructed with a possible target of 1569 - 1588. 
 
On the other hand, the type of the entire correction formation will be monitored and reveal when wave C emerged as wave C has the most properties of wave forms which may lead to complexity formations.
 
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:  
 
Resistance - 1610
Immediate resistance - 1572, 1576
Immediate support - 1556
Support - 1536
 
Let's Mr Market pave the waves.   
 
Trade safely
 
Wave Believer

 

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