A horrible day for the Asian Markets. Both Shanghai SSE composite index and Hong Kong Hang Seng index dropped close to 6%. But I still maintained that this is only a higher degree correction. The assets bubble is not burst yet. My date for the bubble to burst is 2017, not now.
Dow (17,515)
Dow dropped 261 points (-1.5%), wave 3 of iii has started. The drop is expected to be faster with steeper gradient. Dow still has to drop another 1,500 points to complete its major wave (6), another 8.5% to go.
FBMKLCI (1,695)
KLCI dropped 16 points (-1%), not that bad compared to other Asian markets and despite the Ringgit has dropped to another new low. Most likely it is because KLCI has dropped much longer and much earlier due to 1MDB and UMNO's problems.
I maintained my reading for KLCI and hoped that the 1673 level can hold. That is only another 22 points to go.
As usual, my reading can be wrong and if KLCI does drop below 1673 level, the next possibility is that the major wave 4 is not yet completed.
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