FBMKLCI - Rebound may have ended

FBMKLCI dropped 10 points to close at 1822 today. With that, the index has punched through its short-term lower resistance as shown.

It is very likely that the rebound since early February has ended. I expect the index to move lower for the next 3 to 4 weeks.

Option 1- Wave (vi) formation

This is a more optimistic option

FBMKLCI is likely to drop to 1750 level to complete the wave (vi).

Option 2 - Sub-wave iii

This option is possible but less likely at this moment.

Option 3 - Major wave 4

A pessimistic option. 

I expect the index to go to as low as 1574 level for another 13% drop

I am still talking about the same 3 possible options that I have mentioned previously but with today's 10 points drop, Option 2 becomes less likely. Another 10 points drop tomorrow will knock out option 2.


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