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KLCI waves
KLCI waves 88 - WILL KLCI SUCCUMB FOR MORE DOWNSIDE?
hotstock1975
Publish date: Sun, 12 Dec 2021, 05:50 PM
hotstock1975
0 101
Elliot wave analysis to measure price behavior for projecting next price actions
Weekly Time Frame
To recap from prior session 87, KLCI continued to move downward after breaching 1515. Even it was able to close above 1500 after tested 1491, the momentum was still weak and would retest to breach 1500 for achieving lower level. Therefore, the next critical support would be 1484.
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For the past one week, KLCI succumb another selling pressure to test lower level at the critical support of 1484 as expected. Currently, the index has been supported at the range of 1484-1488. Let's check the temperature of the trend.
TREND indicators
1) -DMI (red line) continued heading up with lower margin indicates bear strength is increasing with lower pace and still hovering above R1 indicates bear may continue.
2) +DMI (blue line) continued heading down with lower margin indicates bull strength is decreasing with lower pace.
3) ADX (pink line) continued heading up with consistent margin implying that the volatility of the current trend is increasing consistently but still low and weak.
Therefore, the summations of the 3 signals above is still implying Bear strength is in favor. -DMI has crossed above +DMI for the sixth week with -DMI is staying above R1 indicating the Bear strength is still strong. Besides that, ADX showing sign of the volatility of current trend is getting stronger but still weak and not firmed yet. Since Gap Down levels are still yet to be tested, I am still expecting KLCI to be consolidating in between revised ET1 and ET2 expanding triangle in Medium Term which bias to the downside as any rebound would not be as solid trend reversal. Therefore, caution is still required unless Gap (1545.99-1559.66) is able to be closed OR revised ET1 or 1610 could be penetrated to the upside CONVINCINGLY.
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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 D has been justified to end at 1604.98 and wave E might be in its way to the downside. Therefore, 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 - 1633, 1642, 1650, 1700, 1720
Immediate Resistance - 1500, 1505, 1515, 1524, 1531, 1538, 1546-1560 (Gap), 1564, 1571, 1575, 1580, 1590, 1595, 1600, 1610, 1615, 1619, 1627
Immediate Support - 1484-1488, 1474-1476, 1466
Support - 1452, 1447, 1436, 1407
Daily Time Frame
To recap from session 87, KLCI had once attempted to return above SP line but failed and initiated another minor gap down. It indicated that weakness was still ahead with consistent momentum to the downside. Even the sub minuette wave 5 had met the complete counts, the target of sub minuette wave 5 had exceeded the first minimum criteria of 1501 and expecting sub minuette wave 5 could be extended to lower lever to meet the remaining possible downside target to achieve 5th wave extension.
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No doubt that sub minuette wave 5 has be extended to lower lever as expected and tested the support range of 1484-1488. Although the micro sub minuette wave i-ii-iii-iv-v (hourly time frame) are completed to fit the minimum criteria for ending sub minuette wave 5, i won't rule out that the extension waves could drive the index lower to meet one of the target as labelled in daily time frame.
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 -1566, 1570, 1573, 1581, 1590-1593, 1599-1602, 1608-1610, 1615, 1620, 1625-1628, 1639, 1645, 1650, 1662, 1679, 1685, 1700, 1720
Immediate resistance - 1490, 1495, 1500, 1505, 1510-1511, 1515, 1522-1518, 1531, 1537, 1543, 1545.99 (Lower Gap), 1556-1557, 1559.66 (Upper Gap)
Immediate Support - 1484-1488, 1475, 1461-1466
Support - 1452, 1435
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Patient is required for the SUPER CYCLE Bull Run.
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