Wednesday, September 28, 2011

Bursa malaysia - still in major wave C

I have been trying hard to come out with a more optimistic wave count in view of the recent strong rebound and the more optimistic mood in Europe, but I was unable to come out with anything other than the one as shown below.




From the 2009 bottom to 2011 peak, I can get only three waves no matter how I tried. It has to be a B wave and the pullback sine January is too deep to be a wave iv, it has to be the major wave C.



KLK's price movement was rather interesting. It appeared that someone has been supporting the price for a certain reason. It is either for the purpose of distribution as shown in the OBV chart or there are some corporate exercise pending announcement. In the last two months its price has been maintained at around Rm 21.50 level.



From the above trading detail, price manipulation is very glaring.


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