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KLCI waves
KLCI waves 92 - COULD KLCI EXTEND HIGHER ?
hotstock1975
Publish date: Mon, 10 Jan 2022, 12:08 AM
hotstock1975
0 101
Elliot wave analysis to measure price behavior for projecting next price actions
Weekly Time Frame
To recap from prior session 91, an follow through buying interest emerged after the penetration of weekly SP line (1525) and momentum continued to close up the Gap Resistance (1545.99-1559.66) by selective blue chip buying interest. The Gap Resistance could turn as immediate support for consolidation. If the upward momentum continue, it could test ET1 or 1610 again.
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For the past one week, KLCI has pulled back into the region of Gap Support and would consolidate before any clearer signal emerged. Let's check the temperature of the trend.
TREND indicators
1) -DMI (red line) is heading down with consistent margin indicates bear strength is decreasing with consistent pace.
2) +DMI (blue line) curved down with lower margin indicates bull strength is decreasing with lower pace.
3) ADX (pink line) is still heading down with consistent margin implying that the volatility of the current trend is decreasing with consistent margin but still low and weak.
+DMI has crossed above -DMI for the second week indicating the BULL strength is in control but not firmed yet as ADX is showing sign of the volatility of current trend is getting slower. I am still assuming KLCI is still in the huge consolidating phase 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 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 - 1610, 1615, 1619, 1627, 1633, 1642, 1650, 1700, 1720
Immediate Resistance -1546, 1556.28, 1560, 1571, 1575, 1580, 1590, 1595, 1600
Immediate Support - 1538, 1531, 1525, 1515, 1505-1508, 1500, 1484-1488, 1474-1476, 1466
Support - 1452, 1447, 1436, 1407
Daily Time Frame
To recap from session 91, the upward momentum continued as expected after daily SP line was penetrated. Although the GAP resistance had been filled with sub minuette wave b exceeding the minimum wave count criteria of FIBO 61.8%, it might travel further up and end within the range of FIBO 61.8% to 100% (1560-1613). If it was true, sub minuette wave b was structuring with 5 wave structures and i was monitoring whether micro sub minuette 5th wave could be extended if momentum continue.
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For the past one week, pull back emerged and it might force the micro sub minuette 5th wave to end at 1567.53. In this case, sub minuette wave b, which exceeding the minimum wave count criteria of FIBO 61.8%, could have been realized at the same time UNLESS micro sub minuette 5th wave is extended higher. Let's see whether there is any extension wave incurred in next few days as i won't rule out that sub minuette wave b may still have chance to end in between FIBO 61.8% to 100% (1560-1613).
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 on the run towards the potential target of 1387 unless there is an new catalyst to drive KLCI to penetrate above revised 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 -1608-1610, 1615, 1620, 1625-1628, 1639, 1645, 1650, 1662, 1679, 1685, 1700, 1720
Immediate resistance - 1548-1549, 1553, 1556, 1559.66 (Upper Gap) 1566, 1570, 1573, 1581, 1590-1593, 1599-1602
Immediate Support - 1542, 1536, 1531, 1520-1522, 1515, 1510-1511, 1505
Support - 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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