Until Monday, my previous wave count for FBMKLCI is as shown below, sub-wave 1-2-3-4 formation remained valid.
But with the drops on Tuesday and today, the so called sub-wave 4 has gone below the top of sub-wave 1, which is not acceptable. So the next possibility is as shown below, sub-wave 1 followed by a a-b-c sub-wave 2.
The index needs to move higher to complete sub-wave 3, 4 and 5. If the index turns green tomorrow, then the sharp drop today can be the final flash-out of wave c.
However if the index continues to drop as shown below.
Then I will have this unlikely possibility that major wave 3 has been completed with a failure wave v. Unlikely because the magnitude of wave v is so much smaller than wave i and iii.
Have to wait for further confirmation.
It is interesting to note that Farms Best dropped 1.5 sens to 66 sens today with 1.6 million shares changed hand whereas its Warrant-B gained 0.5 sen with a much higher volume of 3.3 million shares changed hand. My interpretation of the Warrant-B's chart is as shown below, quite bullish. Got to pray hard that I am right as I have bought into this stock yesterday and today.
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