Nothing much to talk about Dow as the wave E continues to unfold slowly unless there is a drastic change in its wave-form suggesting the possibility of an alternative wave count.
If I am talking about 21,000 level for its wave E to end, Dow has another 4,764 points or 18.5% to go before completing its major wave 8.
From the 30-minute interval chart, since the starting of May Dow has so far completed its mini wave 1. Very likely Dow has ended its mini wave 2 on last Thursday and mini wave 3 has started. It will be followed by mini wave vi and v and so on.
FBMKLCI (1,605)
KLCI has been continuing with the wave C of its mega wave (6) formation.
From the 5-year chart, a possible support is the 1,532 level as shown.
If we are talking about 1,532 level, there is only another 73 points or 4.5% to go before wave v of C and mega wave (6) will end. Is this possible? Only another 4.5% to go while Dow may drop another 18.5% before ending its wave E and its major wave 8?
I personally think that KLCI is more likely to follow Dow with a similar 18.5% drop. Another possible wave count is to take the December 2018 to February 2019 rebound as a lower degree mini wave 1-2 instead of my earlier count of wave iii-iv.
With this change the the target for mega wave (6) can be the 1,300 level, another 305 points or another 19% to go. This is more inline with the Dow's possible 18.5% drop.
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