Crude Oil WTI heading for US$71 a barrel

Crude Oil WTI (US$53.23)

Crude oil continues to have its wave (iv) rebound. The current up is likely to be the wave c of (iv).

From its weekly chart as shown below, there is an 'inverted head and shoulder' formation. If I project one length up, US$ 71 can be a possible target for wave (iv).

Dow (19,933)

My wave count for Dow remained the same. Dow is forming its wave (v).

I have quoted on my chart what the Federal Reserve Chair Janet Yellen had said on 5th May and on 14th December. When Dow was at around 17800, she commented that the equity market valuations were quite high. But 7 months later on 14th December when Dow has moved to 19800, she considered stock valuations were in normal range.

Mark Melin has commented on Yellen's statement divergence in his article dated 23rd December. Click 'Why did Yellen talk up stock valuation now but not in May ?' for the article.

FBMKLCI (1,617)

KLCI is on its way to complete its major wave 4 correction. At this moment I am not sure how low the wave (iii) of E of 4 can go because wave (iii) of E can have 5 waves and it can also have 9 waves.

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