KLCI waves 75 - DEAD CAT BOUNCE TO PROLONG COMPLEX WAVE ON KLCI ?

hotstock1975

Publish date: Mon, 13 Sep 2021, 12:14 AM

Weekly Time Frame

To recap from prior session 74, the upside momentum had carried forward KLCI to make an attempt to close above 1600 but seems frozen and halted to close at 1589.19. We would see whether the short term consolidation above 1575-1562 can provide stronger foot hole for retesting the long waited resistance of 1610 again.

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For the past one week, KLCI continued to pull back after failed attempting to close above 1600. The support range of 1562-1575 is still the level to watch for either direction. Even short term downward pressure still remain, I am still expecting an consolidation above these support range before clearer signal emerged. Let's check the temperature of the current trend.

TREND indicators

1) -DMI (red line) is flattening with lower margin indicates bear strength is increasing with lower pace.

2) +DMI (blue line) is curved down with lower margin indicates bull strength is decreasing with lower pace.

3) ADX (pink line) is still decreasing with consistent margin implying that the volatility of the current trend is still in slowing pace.

Therefore, the summations of the 3 signals above is still implying Bull strength is still in favor but slowing down. +DMI has crossed above -DMI for the third week indicating the Bull strength is still in favor but slower ADX has indicated the current reversal signal is not firmed yet. Therefore, I am still expecting KLCI will continue to consolidate in between the support range of 1562-1600 before a clearer signal emerged. Nevertheless, caution is still required until the barrier of 1610 is cleared.

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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. Besides that, wave C has been justified and end at 1483.73 after 1552.07 was penetrated. However, Wave Z is still not been realized yet. Subsequent minor waves would be elaborated further in daily time frame.

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

Resistance - 1610, 1615, 1619, 1627, 1633, 1642, 1650, 1700, 1720

Immediate Resistance - 1580, 1590, 1595, 1600

Immediate Support - 1575, 1571, 1564, 1556, 1541, 1535, 1530, 1520-23,1510, 1505, 1500,

Support - 1484-1488, 1474-1476, 1466, 1452, 1447, 1436, 1407

Daily Time Frame

To recap from session 74, KLCI had failed to stay above 1600 and pulled back which created an Bearish Engulfing Candle Formation and realized immediately the following day. Therefore, downward pressure might emerged in coming days to lower level. With my wave count assumption, extension of sub minuette waves c was still underway with 5 waves structure where micro sub minuette waves 3 has been completed and micro sub minuette waves 4 was being structured with a possible target of 1559 (FIBO 50%) or 1548 (FIBO 61.8%). On the other hand, i won't rule out that the extension's momentum could still lead KLCI for further upside before a greater pull back emerged EVEN DT and SP line were penetrated.

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For the past one week, KLCI was consolidating in a tight range with volatile momentum and downward pressure still remain after the Bearish Engulfing Formation realized last week. Currently, micro sub minuette waves 4 is still being constructed with an complex correction waves of micro sub minuette waves WX completed and micro sub minuette waves Y is still underway which could lead to two possible targets of 1572 (FIBO 100% of micro wave W) or 1557 (FIBO 161.8% of micro wave W). Although one of the minimum criteria has been met at 1572, i won't rule out that micro sub minuette waves Y could form an extension waves for further downside to hit the next possible target 1557 OR even 1559 (FIBO 50% of micro sub minuette waves 3) or 1548 (FIBO 61.8% of micro sub minuette waves 3).

Although wave C had been justified, i am still leaving Wave Z alone since the assumption of new corrective wave above is still yet to be justified with sub minuette waves abc which could form wave D.

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 unless Wave X1 (1646.24) is penetrated. Thus, Higher Degree of Correction is still being prolong by these Multiple Complex Waves WXYXZ.

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 - 1583, 1590-1593, 1600, 1608-1610

Immediate Support - 1574, 1570, 1562-63, 1556-1560

Support - 1544-1548, 1540, 1535, 1530, 1528, 1525, 1512, 1505, 1500, 1495, 1490, 1484-1488, 1475 , 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

Discussions

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

hotstock1975

Mentioned targets above had met. Finger Cross.

2021-09-14 15:22

hotstock1975

1548 was hit and rebounded. Let's see

2021-09-14 16:48

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