Dow closed the week with another new record high. From the candlesticks it is quite obvious that the run is losing momentum. Mini wave 3 may end anytime. Mini wave 4 may take one or two days to completed. Mini wave 5 of sub-wave i can be quite unpredictable.
The upper trend-line is likely to provide a strong support for the sub-wave ii correction.
FBMKLCI (1,824)
KLCI continues to form the wave 2 of its wave d. It appeared to me that the magnitude of wave 2 is about there. Hopefully wave 3 of d can start next week.
I expect wave d to run until first quarter of 2015.
KSL Holdings Bhd (Rm 4.56)
KSL continues to form the mini wave (ii) of its wave (v). I hope I can see the starting of mini wave (iii) next week. Wave (v) is likely to be completed by end of November or early December after the announcement of its 3rd Quarter earning and the approval of the one for one bonus issue plus the proposed Dividend Reinvestment Plan.
From a longer term perspective, if wave (v) is the end of major wave 3, it will be followed by major wave 4 correction before the final major wave 5 surge to complete its mega wave (3). The major wave 4 correction, if inline with KLCI's wave e correction, it may last about 3 to 4 months.
Based on my projection, mega wave (3) may reach Rm 8.00 ( or Rm 4.00 after adjusting for the 1 for 1 bonus) before end of 2015 provided the Dow can hold.
Please remember, I can be wrong.
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