KLCI waves 30 - Obviously more complex waves are required

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Publish date: Sun, 25 Oct 2020, 01:54 AM

Weekly Time Frame

KLCI had continued pulling back and closed below 1500 with broken down the range of 1500-1530.35. Since there was break down from the range mentioned above, a short term continuous trend to the downside is expected in coming days. However, current level is still above both DT and UT line which playing critical supports for further consolidation phase possible before a strong momentum to initiate further in either direction. Range of 1486-1515 are the current range to watch on Friday's closing.

On other hand, the Higher Degree of Wave counts will be elaborated further in daily time frame.

1) -DMI (red line) reversed up with greater margin indicates bearish momentum is increasing.

2) +DMI (blue line) was still heading down with greater margin indicates bull strenght is still weakening.

3) ADX (pink line) is still heading down with constant margin which implying the volatility of the current trend is still very low with uncertainty.

Therefore, the summations of the 3 signals above is implying uncertainty still remains and knee jerk reaction is unavoidable. From current situaton, -DMI crossed above +DMI indicate bear strenght is in favor with increasing margin. However, a prominent trend has not been developed yet unless ADX start to curve up where volitility require to initiate stronger momentum.

Prevailing trend could be emerged if levels listed below was broken:

Resistance - 1545, 1610

Immediate resistance - 1500, 1515, 1531, 1538

Immediate Support - 1488, 1486 (Raising UT line)

Support - 1476 (DT line)

Dailly Time Frame

To recap from prior session, we assumed that sub minutte wave i ended at 1532.53 and sub minutte wave ii with complex correction waves are being constructed with sub minutte wave a,b,c,x,1,2,3 or 5. Since 1489.56 was breached on Thursday, sub minutte wave i had been revised as sub minutte wave x followed by sub minutte wave a,b,c,x,i,ii,iii,iv currently.

From the current multiple complex wave formations, it may indicate that there could be another abc correction waves are pending to be constructed OR sub minutte wave v could be the end which is still being constructed. Besides that, DCU1 upper line is still act as support at 1477 (Revised since the downtreand channel is moving downward everyday).

On the other hand, the prior Higher Degree of Correction Waves will be revised If the prior low of wave C (1474.23) is 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 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 - 1545, 1610

Immediate resistance - 1500, 1515, 1525, 1531, 1538

Immediate Support - 1488, 1486 (Raising UT line)

Support - 1477 (DCU1 line), 1476 (DT line)

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Very obvious that more complex waves are required for SUPER CYCLE Bull Run. Finger Cross!

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Let's Mr Market pave the waves.

Trade safely

Wave Believer

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