KLCI waves 59 - Will KLCI Go Lower ?

hotstock1975

Publish date: Sun, 23 May 2021, 10:11 AM

Weekly Time Frame

To recap from prior session 58, KLCI had closed below the Bullish Engulfing Setup lower range of 1584 indicated the setup had been invalidated and expecting a longer consolidation phase before a clearer signal emerged. To reiterate, we would like to see KLCI to close above 1610 for few weeks convincingly to justify an formidable trend for longer run.

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For the past 1 weeks, KLCI has moved to lower level and closed below one of the immediate support of 1564 at 1562.17 which reflecting the consolidation phase would be prolong. To reiterate, we would like to see KLCI to close above 1610 for few weeks convincingly to justify an formidable trend to the upside for longer run.

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From wave count perspective, the Higher Degree of Correction wave would be prolong with Multiple WXYXZ complex waves before a new set of Higher Degree of Bull Wave take place. Subsequent minor waves would be elaborated further in daily time frame.

1) -DMI (red line) curved up with greater margin indicates bear strenght is increasing and staying above R1 indicates bearish sentiment is still in favor.

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

3) ADX (pink line) still heading up with greater margin implying that the volatility of the current trend is still increasing but still low.

Therefore, the summations of the 3 signals above is still implying Bear strength is in favor and caution is still required for any unexpected knee jerk reaction. From current situaton, +DMI is still below -DMI lines which increasing spread which indicating the Bear strength is still in favor with improving volitality which indicates weakness may still emerging 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 - 1610, 1615, 1619, 1627, 1633, 1642, 1650, 1700, 1720

Immediate Resistance - 1564, 1575-1577, 1580, 1588, 1600

Immediate Support - 1556, 1541, 1530

Support - 1510, 1500

Daily Time Frame

To recap from session 58, sub minuette wave iv was still being constructed if 5 minuette waves structure assumptions were valid. From the observation, sub minuette wave abc could succeed sub minuette wave iv and wave c could be on its way up. Therefore, I would expect any rebound could be shortlive to prolong the correction phase and any possible bearish extension waves might emerged to lead the way to the targets as mentioned.

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Currently, sub minuette wave v has been taken place to revisit the mentioned FIBO region in between 1575 (FIBO 61.8%) to 1545 (FIBO 100%) after sub minuette wave c ended at 1592.57. I am seeing sub minuette wave v is not ended yet as minuette extension waves emerged. Therefore, i won't rule out that sub minuette wave v would end lower and any rebound could be shortlive to prolong the correction phase which could end in between the FIBO region in conjunction with wave C or Wave Z simultinously. Indeed, the Diamond Formaton's target (1500) is still possible if extenson wave emerged. Unless, KLCI is able to penetrade above 1592.57 to justify the end of sub minuette wave v. On the other hand, KLCI made a rebound from SP line and would act as immediate support for shorter term to the upside if sustainable.

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To reiterate, Wave Z could be formed in various correctives wave structure (Zig-Zag, Flat, Diagonal and etc) with momentum changes.

Since Multiple Complex Wave emerged, the new set of Higher Degree of 5 Waves Bull Run or Primary Wave 3 have yet to be seen until all corrective waves are served convicingly. Thus, Higher Degree of Correction is still being prolong by these Multiple Complex Waves WXYXZ.

The entire wave structures will still be monitored closely if the high of Wave X1 (1646.24) is penetraded which indicates Higher Degree of implusive Wave 1 could have emerged.

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 - 1615, 1620, 1625-1628, 1639, 1645, 1650, 1662, 1679, 1685, 1700, 1720

Immediate resistance - 1566, 1572, 1578, 1587, 1592, 1595-1597, 1600, 1608-1610

Immediate Support - 1556-1551, 1538-1545

Support - 1530, 1518, 1500

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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

Discussions

Be the first to like this. Showing 2 of 2 comments

CynicalCyan

So many numbers like 4D. Plenty of lines & symbols.

But I admire your ability to derive such info from abstract charts.

2021-05-23 12:34

hotstock1975

Those are some of the requirements on Elliott Wave Analysis approach.

2021-05-23 22:20

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