Dow added another 320 point last week to end the week with another new record high. Now that Dow has moved to this high level, it is no more relevant to discuss why wave C has only 3 waves. May be it is better to track Dow along the path of a major wave 9 until further form development to suggest otherwise.
If major wave 8 was ended at in December 2018, it is likely that Dow is about to complete the sub-wave v of its wave (i) of its major wave 9.
If wave (i) of 9 has more than 5 waves, then the sub-wave v will be followed by a sub-wave vi pullback.
But if wave (i) has only 5 waves then the next higher degree pullback will be the wave (ii) correction of about 10%.
However if Dow can move up strongly next week and break its current upper channel, Dow will have a more dynamic sub-wave v and that will make it more likely to have 9 waves for its wave (i).
FBMKLCI (1,610)
With last week's strong rebound, it is very likely that wave (iii) has ended, KLCI is forming the mini wave 3 of its wave (iv) rebound.
Mega wave (6) can be ended during the first quarter of 2020 unless wave C has 9 waves.
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