KLCI waves 50 - KLCI Primary Wave 3 Super Cycle Bull Run - Update

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Publish date: Sun, 21 Mar 2021, 12:37 PM

Weekly Time Frame

To recap from prior session 49, an shooting star was formed indicated selling pressure might be emerged if it closed down the gap and below 1600 on next Friday unless KLCI was able to sustain above 1610 and it is better off to close above 1633.

For the past 1 week, KLCI had traded above 1610 and closed at 1626.19. I am expecting KLCI would hover in an tight range before it may move higher. The Gap support of 1600-1607 would act as critical support level to watch for justifying the current uptrend can be sustained in short run. On the other hand, the upside momentum would continue if the resistance of 1633 penetraded convincingly.

From wave count perspective, the Higher Degree of Correction wave is believed to be ended with WXY complex waves and a new set of Higher Degree of Bull Wave could have been started. Subsequent minor waves would be elaborated further in daily time frame.

1) -DMI (red line) continue heading down with lower margin indicates bearish momentum is still decreasing 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 to curve up implying that the volatility of the current trend is improving but still low.

Therefore, the summations of the 3 signals above is still implying Bull strength is emerging but caution is still required for any unexpected knee jerk reaction. From current situaton, +DMI is still above -DMI lines with lower spread indicating the current bull strength could take a halt and consolidating before regaining the momentum in coming weeks. 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 - 1627, 1633

Immediate Support - 1621, 1610, 1600-1607

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

Daily Time Frame

To recap from session 49, wave C had been realized in conjunction with Wave Y. Due to momentum had changed, the wave counts had been revised and sub minuette extension wave (i-ii-iii-iv-v) has been completed to end sub minuette wave 3. Currently, wave 4 correction is underway which could end in between 1612 (FIBO 38.2 %) and 1603 (FIBO 50 %). Next, wave 5 will be taken place to form Higher Degree of implusive Wave 1.

Currently, wave 4 could be constructing with abc formation and sub minuette wave c could be underway to the 2 FIBO levels mentioned above.

If the current uptrend can be sustained, i am watching whether the up trend channel formed in between H&S neckline and new UT line can provide an foothold for further up side move. Concurrently, we can justify whether the beginning of Primary Wave 3 has been emerged on the largest scale on highest degree of wave count.

The entire wave structures will still be monitored closely if the high of Wave X (1646.24) is penetraded which indicates Higher Degree of implusive Wave 1 could have emerged. 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. On the hand, the prior Higher Degree of Correction would be revised if Wave Y (1557.55) breached. 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 - 1650, 1662, 1679, 1685, 1700, 1720

Immediate resistance - 1625-1628, 1639, 1645

Immediate Support - 1620, 1615, 1600-1608

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

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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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