Where are we now?KLCI's peak was lagging behind Dow by 3 months, Its peak was in January 2008 at 1516. KLCI reached its bottom in December 2008 at 835 (-45%). It formed its major waves (I) and (II) by March 2009. Since then KLCI has put on 353 points (+42%) when it reached1188 last Friday, August 14. KLCI (or FBMKLCI now) is currently at sub-wave iv of wave 3 of major (III). After the current sub-wave iv pullback, it is likely to reach 1200 to complete its sub-wave v of wave 3. A high degree wave 4 consolidation will take place before it proceeds to finish its wave 5 of the major (III) at around 1300.
KLCI can have the above chart pattern, if and only if Dow, Hang Seng and STI are currently in their respective sub-wave 2 with sub-wave 3 about to start.
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