Dow takes the opportunity to have its mini wave (ii) rebound. I expect the rebound to end very soon. I am looking at the 10,000 to 9,600 level as the possible place to end the sub-wave v and wave 1 before a more meaningful wave 2 rebound. Dow gained more than 200 points at this moment.
German DAX gained close to 5% to 5,600 to form its sub-wave iv at this moment. After this rebound, it is expected to move down to 4,500 level to complete its wave 3.
KUALA LUMPUR KEPONG
KLK surprised me by moving to Rm 20.40 at the close of today trading. I don't expect it to move above its neckline of Rm 20.20. I suspected some manipulation of its price. A check on the transaction details revealed that its price was indeed being manipulated during the last 1o minutes of trading.
Batu Kawan that holds 47% of KLK is also forming a 'Double-Top' reversal pattern same as KLK but its rebound today remained below its neckline of Rm15.00. It is possible that it will move up to touch the neckline for the last time before it continues with its decline to Rm 12.60 level.
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