KLCI waves
KLCI waves 25 - New Bull Waves Has Started
hotstock1975
Publish date: Sun, 20 Sep 2020, 02:51 AM
hotstock1975
0 101
Elliot wave analysis to measure price behavior for projecting next price actions
Weekly Time Frame
KLCI was unable to close above 1515 which was the level favouring on possible trend reversal after bullish hammer candle formed last week. However there is still an oppurtunity for any upside bias as the current level is still above DT and UT line. To reiterate, 1515 is still the level to watch for confirmation trend reversal on the upside. I am expecting there will be short term consolidation for few days before clearer signal emerged. Therefore, caution is still remained until further signal to justify any potential of trend reversal.
On other hand, the Higher Degree of Wave counts will be elaborated further in daily time frame.
1) -DMI (red line) reversed down indicates bearish momentum is decreasing and it require penetrating below support at point R2 for signalling bear trend weakening.
2) +DMI (blue line) reversed up with greater margin indicates bull strenght returned in favor.
3) ADX (pink line) is still curving down with narrow margin which implying the volatility of the current trend may still low with uncertain and weak.
Therefore, the summations of the 3 signals above is implying uncertainty still remains and knee jerk reaction is unavoidable as expected. From current situaton, +DMI had crossed up above -DMI with greater margin after the rebound indicates bull was in favor. However, ADX is still indicating weakness in volitality of the current momentum unless ADX start to curve up.
Prevailing trend could be emerged if levels listed below was broken:
Resistance - 1610
Immediate Resistance - 1515, 1525, 1545
Immediate Support - 1490 (DT line)
Support - 1475 (UT line)
Dailly Time Frame
To recap, wave C was realized at 1474.23 after KLCI was able to trade above 1506 even after it retraced from high of 1541.14. No doubt that the Bullish Engulfing Formation could initiate a strong momentum up to 1541.14 but retraced by forming another bearish signal Dark Cloud Cover candle formation which was validated after closed below 1510 the next day. These could intiate another selling pressure futher in short term wise.
On wave counts perspective, Higher Degree of Correction Waves could be completed with ABC structure formation as seen. Therefore, we would expect a new Higher Degree of 5 Waves Bull Run be started from now. Currently, Wave 1 could be realized and qualified at 1541.14 as it had met the minimum criteria with 5 sub minutte waves formed and Wave 2 correction is underway with abc waves formation expected. From observation, wave c has just started and could be ended at possible target of 1500 (FIBO 61.8%) or even beyond of 1490 (FIBO 76.4%) without breaching the low of wave C (1474.23). Once abc correction waves realized inconjunction with Wave 2 end simultinously, Wave 3 would be started implusively.
On the other hand, the prior Higher Degree of Correction Waves will be revised If 1474.23 breached. Therefore, the entire wave structure will still be monitored closely as complexity wave formations could be emerged such as WXY correction waves may take place which would lead to a bigger consolidation range stage before Higher Degree of 5 Waves Bull Run.
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 - 1515, 1531
Immediate support - 1490 (DT line)
Support - 1475 (UT line)
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Is the SUPER CYCLE Bull Run continue from here? Let's see.
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Let's Mr Market pave the waves.
Trade safely
Wave Believer
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Discussions
1 person likes this. Showing 3 of 3 comments
the only way KLCI can up is if Gloves go up
Gloves are the FAANG of malaysia. Gloves no go up, KLCI no go up. PERIOD!
2020-09-21 15:57
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2020-09-21 09:39