I have been paying too much attention to the 'hourly Chart' so much so that I saw only the tree and I missed the forest.
Technically the wave B of major wave 8 can go as high as the top of major wave 7. The possibility of a big 8% to 10% pullback cannot be ruled out at this moment until Dow is well above the top of major wave 7.
The more bullish possibility that I mentioned on Wednesday is another possible option.
FBMKLCI (1,769)
If Dow were to go for a correction of 8% to 10%, KLCI will take the option of a mega wave (6) correction, completing the wave C of (6).
But if Dow were to move higher all the way from its current level, KLCI will take the major wave 5 formation.
.
Hi Mr Chan,
ReplyDeleteThis is with regards to MYEG... I noticed that even though stock price is at low, the OBV is all time high, meaning this stock is not dead yet? will have chance to go back to all time high again? but that's a big gap to climb.. this OBV is getting me confused...