Weekly Time Frame

To recap from prior session 80, bargain hunting continued driving KLCI to penetrate lower gap resistance at 1573.78  and moving higher but resisted and closed below at ET1 line. However, 1610 was still the major level to watch for possible continuous trend to the upside. Otherwise, it could retrace from current level before clearer signal emerged. 

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For the past one week, KLCI had tested 1610 and retraced back below ET1 line. There is an minor bearish divergence which may indicate weaknesses may emerged next week. Since 1610 has not been penetrated convincingly, i am still assuming that the corrective wave is still not over yet. Let's check the temperature of the trend.

To recap from session 80, buying interest emerged to initiate an continuous momentum to the upside until ET1 line was tested and closed just beneath. In wave count perspective, the current wave structure has being formed in 5 sub minuette wave (1-2-3-4-5) as labelled and sub minuette 5th wave extension is being constructed with micro sub minuette 4th wave (i-ii-iii-iv) is still underway. However, the PTI reading for incoming micro sub minuette 5th wave is only 13 which indicated the incoming micro sub minuette 5th wave could be "Truncated" or "Failed". Therefore, micro sub minuette 5th wave could be ended soon with an Throw Over effect above ET1 line before consolidation emerge. If this is true, we would see KLCI to consolidate in between ET1 and ET2 line again.     

 

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For the past one week, sub minuette 5th wave extension has been completed after micro sub minuette 5th wave ended at 1613.35. In conjunction-ally, it may form an complex wave of sub minuette x2 and sub minuette z could be started to the downside after the Throw Over effect from the high of 1613.35. As mentioned, we could see KLCI to consolidate in between ET1 and ET2 line again.

 

 

As usual, i am still leaving Wave Z alone since the assumption of new corrective wave above is still yet to be justified with wave E is still in the run unless there is an new catalyst to drive KLCI to penetrate above ET1 or 1610 Convincingly for new wave structure. 

 

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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 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 - 1639, 1645, 1650, 1662, 1679, 1685, 1700, 1720

Immediate resistance - 1590-1593, 1599-1602, 1608-1610, 1615, 1620, 1625-1628

Immediate Support - 1581, 1573, 1570, 1562-63, 1556-1557, 1546-1548, 1536, 1530, 1522, 1515, 1512, 1505, 1500

Support - 1495, 1490, 1484-1488, 1475 , 1461-1466, 1452, 1435