KLCI waves
KLCI waves 36 - Long Waited Resistance 1610 Has Cleared, What Next !!!
hotstock1975
Publish date: Sun, 06 Dec 2020, 10:01 AM
hotstock1975
0 101
Elliot wave analysis to measure price behavior for projecting next price actions
Weekly Time Frame
Finally, KLCI was able closed above 1610 after few hard prolong attempts. It will be a good new start for the Bull to test higher level in order to write off the double top formation which formed years ago. However, caution is required along the way up for any knee jerk reaction possible.
To recap, the Higher Degree of Wave 5 is still being constructed to archieve higher level. The current weekly PTI reading is still remain at 38 which indicating that the prior Higher Degree of Complex Correciton waves WXY was healthy which could succeed Wave 5 at higher level. Therefore, the tendency is high for KLCI to trade higher than 1618.01 (Wave 3) in coming weeks. Subsequent minor waves would be elaborated further in daily time frame.
1) -DMI (red line) curved up with lower margin indicates bearish momentum is increasing with lower pace.
2) +DMI (blue line) curved down with lower margin indicates bull strenght is decreasing with lower pace.
3) ADX (pink line) continue heading up with lower margin implying that the volatility of the current trend is slowing down.
Therefore, the summations of the 3 signals above is still implying uncertainty is reduced with narrow margin but caution is still required for any unexpected knee jerk reaction. From current situaton, +DMI is still staying above -DMI indicates bull strenght is still in favor with improved volatility. Besides that, -DMI and ADX have yet to realize an criss-crossed setup which will spur a strong momentum to the upside. Therefore, a continuous increased in ADX reading is still required in order to validate a prominent trend to be developed.
Prevailing trend could be emerged if Weekly levels listed below was broken:
Resistance - 1639,1650,1682
Immediate resistance - 1621-1623
Immediate Support - 1610 , 1577, 1564, 1556,1530
Support - 1490, 1465 (DT line)
Daily Time Frame
To recap, I did not rule out that the consolidation phase might test or breach the low of 4th sub minuette correction wave at 1578.39 again to form minuette complex waves which could lead to construct a prolong new 4th sub minuette correction wave instead. No doubt that it happened and realized faster than expected at the the low of 1562.71.
Currently, 5th sub minuette wave is being constructed and continous uptrend is expected in coming days after broken out from the expanding triangle formation last week as shown.
To re-iterate, the daily Higher Degree Wave's PTI reading is still remain at 42 indicating the prior Higher Degree of Complex Correciton waves WXY was healthy which could succeed Wave 5 at 3 possible targets level at 1639, 1685, 1706. If we project the target based on Expanding Triangle formation, the target could be at 1730.
The entire wave structures will still be monitored closely if the low of Wave Y at 1452.13 is breached as more complexity wave formations could be emerged such as multiple 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 Daily levels listed below was broken:
Resistance - 1639,1650,1682
Immediate resistance - 1621-1623
Immediate Support - 1610, 1597, 1577, 1560, 1554
Support - 1530, 1490
========================================================
Patient is required for the Implusive Waves of the SUPER CYCLE Bull Run.
========================================================
Let's Mr Market pave the waves.
Trade safely
Wave Believer
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Discussions
Be the first to like this. Showing 5 of 5 comments
That's why patient is very important to ride up the correct waves to the destinations.
2020-12-06 11:31
Fitch downgrades Malaysia’s sovereign rating to BBB+, the first downgrade since Asian Financial Crisis
##https://www.theedgemarkets.com/article/fitch-downgrades-malaysias-longterm-foreign-currency-rating-bbb-stable-outlook
Since Sifu & Master had given direction of KLCI...
So next week KLCI how much further can uptrend ???...
Any possibility to reach 1656 level ???...
How about any impact on KLCI since the Fitch has downgraded ???...
2020-12-06 11:42
Bro, you may share your counts or analysis on how you project your targets at 1656? Downgrading or Upgrading event is very common in the market. That's why we are always expecting what we call knee jerk reaction or hiccups along the way up. Always expect the unexpected.
2020-12-06 12:47
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