Looking at the 60-minute interval chart, there is a strong possibility that Dow has completed its wave B and has started its 8% wave C pullback.
FBMKLCI (1,754)
KLCI is either forming the wave (ii) of its major wave 5 as I have mentioned previously.
Or it is at the tail-end of its mega wave (6) that I have mentioned many months ago. I reconsidered this scenario because of its current pattern that shows that the side way movement since July 2014 can be a typical longer duration with smaller magnitude mega wave (6) correction.
But for both the scenarios KLCI needs to move lower first before starting its next uptrend to scale new highs. Since Dow is expected to drop around 8%, I guess KLCI and other major world markets will have to move in tandem with Uncle Sam for a more or less 8% pullback. It is possible that KLCI may drop around 8% to about 1,600 level. That can be a good entry point for longer term investor.
Black shoes
Just a reminder to parents that are in favour of black shoes for their schooling children because of 'less washing', 'more time to study' etc. etc. Please pay attention to the foot hygiene of your children.
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