FBMKLCI managed to break the 1800 level yesterday and today it added another 4 points to close at 1810. The volume was not impressive on both days. Is FBMKLCI ready for a euphoric run ? To get an answer I need to look at other Asian markets, particularly Singapore and Hong Kong as I believe FBMKLCI can never have a dynamic run by itself.
Singapore STI
From its 2008's low, Singapore STI has completed its mega wave (1)-(2) and its major wave 1-2.
From its 6-month chart, after completed its major wave 2, STI has formed 5 mini waves. According to Elliott Wave Principle, 'A five-wave advance identifies the larger trend as up". These 5 mini waves have to be the sub-wave i of wave (i) of major wave 3 of the mega wave (3).
Hong Kong Hang Seng Index
My wave count for Hang Seng Index is similar to that for STI. The Hang Seng index has completed its mega wave (1)-(2) and major wave 1-2.
From its 6-month chart, Hang Seng has completed 5 mini waves too.
Just received from my friend
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