Crude oil after touching an intraday low of $53.9 and an intraday high of $57.4 it closed at $55.87 on Tuesday. Has my target of $55 reached ? Is this the level for its major wave 3 ?
Dow (17,068)
Moved in tandem with the crude oil price, Dow has a strong intraday rebound to 17,427 (+1.5%) before dropping lower to close at 17,068 (-0.68%). Dow is about to complete its wave a, may be another 100 points to go to complete the mini wave v.
FBMKLCI (1,673)
KLCI closed at 1,673 on Tuesday, 13 points lower than my projected level of 1,686 for the mini wave v, that is no good, it may have to go to its next support of 1,660 level and that can be reached within a day.
Hopefully KLCI is forming its major wave 4 and not something else. Hopefully the next rebound can tell whether it is forming its major wave 5 or something else.
The only 'something else' that I can see at this stage is a missing major wave 5, that also means - Game Over.
We often have missing fifth wave at mini or minor wave level but it is highly unlikely that a major wave can be 'missing'. But don't forget Murphy's Law and also don't forget 'anything can happen in stock markets'. Be prepared.
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