Weekly Time Frame

To recap from prior session 68, uncertainty was still playing a major role to halt any momentum either side as the attempt to penetrate  the range of 1530-1535 was failed and returned to consolidation range. However, I am still expecting there would be a swift attempt which could justify an formidable trend either side. Therefore, the key levels to watch are 1530-1535 and 1515.    

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To recap from session 68, a false breakout from the Ascending Triangle Pattern had formed complex wave of sub minuette wave x and a new Symmetrical Triangle Formation has been structure with new sub minuette wave a-b-c. Beside that, wave d was still being structured and would end soon for an impending formation breakout which would initiate an momentum to either side. However, i won't rule out that the breakout would be bias to the downside which could lead to two prior targets as sub minuette wave c's FIBO 161.8% (1484) or sub minuette wave v extension FIBO 261.8% (1471.52). 

 

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No doubt that the long consolidation which consist of two Triangle Patterns with complex wave had broken down and breached below the last low of 1501.21 to close at 1494.6 without forming sub minuette wave d. Due to the magnitude of the momentum has changed, there is minor revision of the sub minuette wave v extension where extension within extension structure has been formed. As labelled, sub minuette wave 3 of sub minuette wave v was ended at 1501.21 instead and sub minuette wave 4 of sub minuette wave v ended at 1529.65 currently. Shall we see more downside where KLCI could meet the prior two lower targets as mentioned or labelled as both are still valid? I won't rule the breakdown momentum would continue since weaknesses signals are still emerged from Weekly Time Frame. Therefore, i will still be caution until there is clearer signal of reversal. However, we have to keep a closer watch on these 2 levels which would provide some support for initiate a strong rebound in short run at least.  

 

 

 

As expected, a prolong corrective waves will prolong Wave Z since wave C is still yet to be justified. 

 

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

 

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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 convincingly. 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 penetrated 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 - 1595-1598, 1600, 1608-1610, 1615, 1620, 1625-1628, 1639, 1645, 1650, 1662, 1679, 1685, 1700, 1720

Immediate resistance -  1500, 1512, 1515, 1522.5, 1528. 1530, 1535, 1540, 1544-1548, 1556-1560, 1562-63, 1570, 1578, 1583, 1588, 1590

Immediate Support - 1490, 1475 

Support - 1461-1466, 1452, 1435

 

 

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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