Asian markets closed with more than 4% losses before the US market opens. Shanghai SSE Composite was particularly bad with a 8.49% drop to close at 3,208 which is 1,958 points lower than its June's high of 5,166, a 38% pullback.
European markets also closed with more than 4% losses. They were also affected by Dow's 1,089 points (-6.6%) plunge at the opening of Monday's trading. At the close of the European markets, Dow was trading at around 15,900 level, minus 3.4%.
Soon after the opening bell on Monday, Dow plunged 1,089 points or 6.6% to 15,370 level before recovering sharply to an intra-day high of 16,357 (-0.6%) before closing the day at 15,871 level, down 588 points (-3.57%).
Can the intra-day 987 points (+6.4%) rebound to 16357 be considered as sub-wave 8 ? And the final drop to the closing level of 15871 the sub-wave 9 ? Has Dow completed its major wave (6) ? Just wait and see.
FBMKLCI (1,532)
KLCI dropped another 42 points (-2.7%) today. From its July 2014 peak of 1892, the correction to date for this major wave 4 is about 19% which is 3% higher than the 16% correction for major wave 2, still acceptable.
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