KLCI dropped to a low of 1,752 before a last minute rebound to close at 1,757 on Wednesday. It appeared to me that the short term technical rebound has ended and KLCI has started its mini wave 3.
As I have mentioned in my previous postings that this is going to be a 15% correction and I expect the KLCI to end its wave C near 1,520 level to complete the mega wave (6) by around the middle of 2018, say another 8 months to go to complete the correction.
From the current level of 1,757 to 1,520 the drop is 237 points over the next 8 months. That will translate into about 29 points a month or about 7 points a week. Very likely the market is going to maintain its current half-death behaviour for many more months until mega wave (6) is completed.
.
No comments:
Post a Comment