KLCI waves 48 - Could KLCI Surpass The Critical Resistance 1610 ? HARTA & TOPGLOVE Waves Update

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Publish date: Sun, 07 Mar 2021, 09:20 AM

Weekly Time Frame

To recap, the Dark Cloud Cover formation had been realized after closed below 1580 on prior week which indicates weaknesses in coming weeks. However, it had rebounded with high volume to close slightly above the psychological level of 1600. Next, i am expecting KLCI will retest the all time critical resistance at 1610 to justify whether trend reversal is being emerged. On the other hand, downward pressure could emerged if 1577.75 breached. Therefore, I am still remain caution at this stage unless more clearer signal resurface.

To reiterate, the Higher Degree of Correction waves are still being constructed after Wave 5 has been realized at 1695.87 instead of 1695.96. Subsequent minor waves would be elaborated further in daily time frame.

1) -DMI (red line) curved down with greater margin indicates bearish momentum is decreasing.

2) +DMI (blue line) curved up with narrow margin indicates bull strenght is increasing with slower pace.

3) ADX (pink line) still heading down with consistent margin implying that the volatility of the current trend is still low.

Therefore, the summations of the 3 signals above is still implying uncertainty is still emerging and caution is still required for any unexpected knee jerk reaction. From current situaton, +DMI & -DMI lines are still hovering each other before clearer signal emerged. The current volatility is still low and continuous increased in ADX reading would justify a prominent uptrend to be developed.

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

Resistance - 1642, 1650, 1700, 1720

Immediate Resistance - 1610, 1621-1624, 1635

Immediate Support - 1600, 1590-1593, 1580, 1575-1577, 1564, 1556,1530

Support - 1490, 1466, 1420 (DT line)

Daily Time Frame

To recap from session 47, i won't rule out that the current correction could end lower since UT line had been breached and resisted twice which might lead wave C and Wave Y be ended at 3 possible targets at 1523 (FIBO extension 100%), 1447 (FIBO extension 161.8%) or Head and Shoulder Formation breakout target (1490-1500). Unless KLCI manage to move back above UT line and breach above wave B at 1614.92 to justify the end of wave C at 1557.55.

On Friday, KLCI have returned above UT line with good volumn. Currently, sub minuette wave iii is being constructed with minuette extension waves where it has met the minimum criteria to be completed. If it is true, sub minuette wave iv may be taken place before sub minuette wave v emerged. Therefore, KLCI could retest 1610 -1615 and wave C could have been justified to end at 1557.55 if 1614.92 breached.

On the other hand, i am still holding my view on the prior 3 possible target unless KLCI is able to breach above 1614.92.

The entire wave structures will still be monitored closely if the high of Wave X at 1646.24 is breached which indicates Higher Degree of implusive Wave 1 could have emerged. If it is true, Wave Y would be ended at 1557.55. Thereafter, a new set of Higher Degree of 5 Waves Bull Run may take place and Primary Wave 3 would be emerged which i should label from the start. Thanks for an input from an 3i member on the Highest Degree/Primary Waves labelled counts.

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 - 1639-1631, 1650, 1662, 1679, 1685, 1700, 1720

Immediate resistance - 1606, 1610, 1615, 1620

Immediate Support - 1595-1600, 1588, 1581-1585, 1572, 1566, 1554-1551, 1538-1545

Support - 1530, 1490

HARTA & TOPGLOVE Waves

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To recap from session 47, we could see the correction has met the minumum criteria to complete the ABC correction cycle. Due to the strong momentum, the current correction waves were still being monitored closely for any extension or complex waves within until a clear trend reversal signal emerged.

The downward pressure momentum indeed stronger than expected and the low of Wave C is still need to be justified from more clearer signal. Some revision counts are labelled as shown.

HARTA

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TOPGLOVE

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Patient is required for the SUPER CYCLE Bull Run.

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Let's Mr Market pave the waves.

Trade safely

Wave Believer

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