Ringgit is going lower, lower, lower

I have two wonderful weeks in Italy. A great place with colourful history and magnificent architectures and picturesque countryside. Nothing to complain except the lousy wifi service with very very slow internet connection.

Dow (17,615)

Dow added 241 points (+1.4%) on Monday.

Marc Faber will be right ultimately but not now, my date for that ultimate plunge is in early 2017. The current correction for Dow, I think, is the major wave (6) correction. And as I have always mentioned, I can be wrong.

 

 

Dow is likely to have completed its wave A of (6).

 

Today's rebound is likely to be the starting of its wave B of (6).

 



 

 

My target for this major wave (6) correction is around 16,200 level for a 12% pullback.

 

 

 

 

FBMKLCI (1,654)

 

KLCI dropped 28 points (-1.7%) today to close at 1,657 level, 19 points below my 100% retracement level of 1,673. It means only one thing, my previous wave count is wrong and the rebound since January this year is not the wave (i) of major wave 5. It is the wave d of major wave 4.

 

 



 

Under this scenario, a possible low for major wave 4 is the top of major wave 1, the 1,574 level. Another 80 points (4.5%)  to go.

 



 

 

Hopefully Ah Jib Kor's problem can be settled by then and our Ringgit can start to rebound.

 

 

 

 

 

  

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