FBMKLCI (1,577)
KLCI added 17 points (+1.1%) on Tuesday to end the day at 1,577 level, if the index can continue to move higher on Wednesday by breaking the 1,580 level and continue to move away, possibility is high that today's is the starting of the wave (v) for the KLCI.
During this up-leg if KLCI is unable to break the upper trend line, it is likely to take the form of a diagonal (i)-(ii)-(iii)-(iv)-(v) to end its major wave 1.
But if KLCI can punch through its upper trend line, then the July's high is the sub-wave i and yesterday low is the sub-wave ii and today's candlestick is the first candlestick of the sub-wave iii. This sub-wave iii of wave (iii) is going to be dynamic and with high volume.
Gold (US$2013.55/oz)
Gold is currently moving above the US$2,000/oz level. From the 40-Year Monthly Chart, it is forming the wave (iii) of its major wave 3 at the moment.
By looking at the 4-Year Daily Chart, for the current wave (iii), it has completed the sub-wave i-ii-iii-iv-v-vi and it has also completed the mini wave 1-2-3-4 of its sub-wave vii. mini wave 5 of vii is in progress.
It is still a long way to go to complete the wave (iii) of its major wave 3.
If Berkshire Hathaway of Warren Buffett has decided to move into gold mining stock recently by buying 20.9 million shares of Barrick Gold Corporation valued at US$564 million, I guess it won't be wrong in buying gold or gold stocks.
In Bursa Malaysia, some of the gold related stocks have moved up very strongly with high volume.
The star is Mui Properties Bhd that gained 40%. It has a 40.37% stake in Nex Metals Explorations Ltd in Australia. On June 25, Nex Metals has reported spectacular drill results at the Kookynie Gold Project. The reports highlighted the high-grade and shallow nature of the mineralisation.
For the reports, click 'Kookynie Gold Project'.
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