Ever heard of the saying which states that stock market climbs against a 'wall of worry'?
This is what FBMKLCI is basically doing right now, to confuse everyone.

To recap, we are currently in the fourth wave of Elliott Wave uptrend which started in Dec last year.
Because the second wave (lasted from 15th of Dec until 20th of Dec) was fairly short (only few days in duration), so wave 4 duration became slightly longer than everyone has expected.

If you are observing market on a daily basis you will notice that market was very bearish sentiment-wise recently (hopefully you did, if you don't maybe you are just not observant enough).
We have small numbers of gainer compared to large number of loser counters everyday, and majority of previous high volume stocks got hammered continuously for few days. I believe this kind of environment is conducive enough to revert everyone's bullish stance back to bearish.
Even I also questioned myself, pondering if the current market environment is too similar to the feeling I got back in Q3 of 2017, the long, draggy slow grinding 'micro bear' market.

The correction from 15th of Dec until 20th of Dec was a very sharp one, it almost erased half of the gain of previous upmove.
Since wave 2 and wave 4 usually alternate, the current correction (wave 4) is relatively shallow, and it has been proceeding with diminishing volume.
Do keep in mind the current correction came about after a sharp rally of about 100points, so if selling pressure was really great and profit taking was intense ie not much buying pressure to support the price, the FBMKLCI would have easily plummeted significantly.
But, instead we are only seeing a mild sideway correction, meaning that market was actually supported by strong hidden buying pressure so far.

Then, why is the market felt so bearish (so many loser vs gainer in scoreboard eveyday)?
This brings me to my own speculation: market maker (or shallowly if you want to call them operator/manipulator/whatever) after seeing market refuse to correct down sharply may have realise they don't have much time to wait, because when next upleg begins, market will be very bullish again and individual stock will be rallying again.
Remember, for market maker to make a living they obviously have to buy low and sell high, and for market maker to collect shares from retailer or floating capital, they got to wait for market correction to induce selling. The best environment to achieve such objective is when market corrects sharply or during a prolonged sideways movement which draws pessimism, I believe the latter approach is manifesting right now.

With so many loser vs gainer on the scoredboard, I believe we are approaching maximum fear now for the sideway correction of FBMKLCI, which is just another way of market throwing a smoke bomb or decoy to erase the bullish sentiment created by the previous upleg (started on 20th of Dec).

After a 'wall of worry' is erected, market will continue to rally when it is least expected.