Dow continued to hover below the upper trend-line last week waiting for next Wednesday's decision by the Federal Reserve to cut interest rate.
If Dow is on its wave E, it will continue to move lower despite the rate cut.
USD/MYR (4.1195)
The question now is whether USD/MYR has completed its wave ii of C. If it has completed its wave ii, USD/MYR will continue to move lower to below 4.00 in forming the mini wave 3 of its wave iii.
However if it has yet to complete its wave ii, very likely it is forming the mini wave 2 of ii at this moment. Under this scenario, USD/MYR may move higher to 4.39 to form a 'head and shoulder' reversal pattern before starting its wave iii to go below the neck-line at 3.86.
FBMKLCI (1,647)
KLCI is on its way to complete the wave iii of C of (6). This wave iii may end somewhere at 1,550 level, another 100 point lower or 6% to go before a 10% wave iv rebound to bring the index higher to 1,700 level by end of December 2019.
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