Sunday, June 30, 2019

Malaysian Ringgit - Is The Worst Over ?

USD/MYR (4.1325)

Malaysian ringgit recovered strongly against the USD in June. The June red candlestick has almost completely reclaimed the losses of the May green candlestick, very close to but not exactly an engulfing pattern.

If the July candlestick can be another red candlestick, very likely wave iii of C has started. If the USD/MYR can drop below its previous low of 3.86 level and assuming wave C is going to form only 5 major waves instead of 9 or 13 waves, wave iii may go all the way to the 3.20 level before a meaningful wave iv rebound to 3.40 level.

Pray hard that the chart doesn't evolve into something else.

Dow (26,599)

Dow is on its way to to the upper trend line to complete its wave iii of D. Will it really turn South after touching the 27,000 level?

FBMKLCI (1,672)

KLCI continues with its wave C of (6) formation.

Since the current rebound is too big to be a minor wave ii rebound and its magnitude is almost the same as that of the mini wave 2, I have no choice but to assign a mini wave 4 (despite the overlapping) to the current rebound to replace the minor ii that I have assigned previously.

If KLCI were to move lower starting next week, then mini wave 5 is on its way.


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