KLCI dropped 15 points to go below the crucial 1,670 level as well as the top of sub-wave i.
From the bottom in June there are only three waves up, it has to be a corrective wave. I need to go back to the long-term chart to recount the waves.
Mega waves (1)-(2)-(3)-(4) and major waves 1-2-3 can be maintained. Major wave 4 and waves (i)-(ii) need modification.
When I am in doubt, I always refer to the Industrial Index for confirmation.
Looking at the Industrial Index, there is a possibility that since the completion of major wave 3 in April 2015, the Industrial Index has not yet completed its major wave 4. The current downwards movement is possibly the wave (v) of c of 4.
Based on the above, I have revised my wave count for KLCI as shown below.
I shall take the current down as the wave c of 4. It may end somewhere near 1,550 level, another 110 points or 6.6% to go. If 1,600 can hold, then we will have an earlier rebound.
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1 comment:
Hi, are you able to do a chart on USD/MYR? Many thanks...
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