KNM is going for an A-B-C-D-E formation for its wave 2. Wave E may stop right at the support level of 68 sen but as I have mentioned earlier, wave E can fall short or over shoot but wave E will have 3 waves, so just count to 3 and if Dow's correction has completed or has formed a base, that will be the bottom for wave E. The target for wave 3 is either Rm1.45 or Rm 1.90 as mentioned in my earlier post. I am assuming Dow has its bear cycle ended in March 2009. Currently it is forming wave (IV) to be followed by wave (V) that can last until Chinese New Year.
Friday, October 30, 2009
KNM A-B-C-D-E formation for wave 2
KNM is going for an A-B-C-D-E formation for its wave 2. Wave E may stop right at the support level of 68 sen but as I have mentioned earlier, wave E can fall short or over shoot but wave E will have 3 waves, so just count to 3 and if Dow's correction has completed or has formed a base, that will be the bottom for wave E. The target for wave 3 is either Rm1.45 or Rm 1.90 as mentioned in my earlier post. I am assuming Dow has its bear cycle ended in March 2009. Currently it is forming wave (IV) to be followed by wave (V) that can last until Chinese New Year.
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