What a Topsy-Turvy 48 hours

Due to the topsy-turvy political scene, the KLCI plunged right from the opening bell on Monday followed by an immediate technical rebound and then started to drop all the way to a low of 1,486 level (-45 points or 3%) before moving side way to close the day at 1490 level.

My reading for KLCI is as shown below.

My previous reading that sub-wave viii has started was wrong, with today's plunge, KLCI remains on its sub-wave vii formation. The one-day sharp drop has also punched through its lower supporting trend-line. Hopefully the wave C of the mega wave (6) can be completed within the next 10 months.

At this moment, major European markets have dropped around 4% and the Dow Jones Industrial Average has dropped close to 1,000 points or more than 3%, KLCI is going to have another plunge tomorrow.

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