If the current pullback for FBMKLCI is only a wave (iv) correction as shown below.
It is still possible that the index is currently forming the wave c of wave (iv)
The next question is - How low this wave c will go ?
The index has so far completed the minimum target of its small 'head and shoulders' and now there is a higher degree 'double-top' reversal pattern with minimum target at 1680 level that coincide with the lower resistance line.
The 1680 level is very crucial, if the index can stop at 1680 level, everything is fine. However, once the index goes below that level and punches through the lower resistance line, it will form Bulkowski's 'Bump-and-run-reversal-top' pattern, a very bearish pattern. Click 'Bulkowski BARR Top' for further explanation.
Example of Bump and Run Reversal with 'Double-top' formation.
Three reversal patterns, one after another, when the third one is confirmed, that has to be the last warning from the one up there.
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