Weekly Update

Dow (23,995)

My reading for Dow remained the same. It is either on its wave iv of C of its major wave 8. The magnitude of wave iv is about there. Wave v should start soon to complete the C.

Or it is forming the wave D of its major wave 8 if Dow can have a small pullback early next week to complete the mini wave 4 follows by another run-up to form the mini wave 5 to complete the wave i of D.

FBMKLCI (1,683)

My reading for KLCI also remained the same. It is either forming its major wave 5.

If KLCI can continue to move higher next week, one possibility is the forming of mini wave 3.

Or it is forming the wave C of its mega wave (6).

USD/MYR (4.0960)

Malaysian Ringgit is strengthening against the USD.

This is positive for Bursa Malaysia.
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The Difference

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Malaysian Ringgit - Looked bullish

USD/MYR (4.1100)

The USD/MYR chart is bearish, no good for USD but bullish for MYR.

In the monthly candlestick chart, the January candlestick is in red, I am looking for a longer red body by end of January.

In the weekly candlestick chart, it is forming its mini wave 3.

In the daily candlestick chart, the mini wave 3 has completed the minor wave i and ii and is forming the minor wave iii of its mini wave 3.

Hopefully USD/MYR can go below 4.0 by next month.

Berjaya Corporation Bhd (Rm0.315)

BJCorp moved up strongly today, gaining 2.5 sens (+8.62%) to 31.5 sens with heavy volume of 61 million shares traded.

BJCorp has been moving in a downwards trend since April 2010 from around Rm1.70 to its record low of 27 sens by end of 2018.

Since early 2016, divergence between its OBV and stock prices started to appear. The lows of its OBV have been moving in an upwards trend even though the lows of its stock price continued to move in a downwards trend from 33 sens to 27 sens.

Its OBV is at the fringe of a breakout. An OBV breakout to above 1,600 million level is very likely signalling the starting of a new up trend cycle after the long decline since April 2010.

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Dow jumped 746 points (+3.29%)

Dow (23,433)

Dow surged 746 points on Friday on strong jobs report, Federal Reserve's statement of "will be 'patient' in interest rate hike", positive sign in next week US-China trade talks and China's action to re-ignite economy growth by injecting US$220 billion into its financial system.

The current surge is either the wave iv of C of Dow's major wave 8,

Or it is the wave D of its major wave 8.

FBMKLCI (1,669)

My two options for KLCI remained the same. The more optimistic option is the completion of wave (ii) and KLCI is at the starting of its wave (iii).

The second option is the forming of wave C of its mega wave (6). Under this option KLCI will be moving lower to complete its mega wave (6) before the starting of its mega wave (7).

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Shame on you - Rashid Abdul Rahman

He, openly calling for allocating government contracts to division leaders so as to win elections "by hook or by crook". This is a big slap to all Pakatan Harapan leaders. How can such a person without integrity can head the PH government's Electoral Reforms Committee? He should be sacked with immediate effect. The most disgraceful thing to Bersatu and Tun Mahathir and Pakatan Harapan was that at the end of his speech 'he received a standing ovation'. OMG, a standing ovation. How not to say,"Bersatu is UMNO 2.0"?

Dow - On its way to complete its major wave 8

Dow (22,709)

After one hour of trading Dow has dropped more than 600 points to 22,709. Hopefully this is only a major wave 8 correction and not a mega wave VIII (-50%) correction. Please refer to my previous posting.

And hopefully Dow is at the tail-end of its major wave 8. Hopefully Dow will stop at 21,400 level to form a 'double bottom' before starting its major wave 9.

Another possible form for the major wave 8 is as shown below.

Inari Amertron Bhd (Rm 1.27)

Inari dropped sharply by 20 sens or 2.26% today to continue with its wave A of (2) formation after punching through its 1.60 support level.

It formed its minor wave v of 7 today. Next rebound will be the mini wave 8. If its wave A has only 3 sub-waves, 1.20 can be the end of wave A. But if its wave A has 5 sub-waves, the end of wave A can be much lower than 1.20.

Insas Bhd (Rm 0.65)

Insas is currently at the wave 3 of C. It has wave 4 and 5 to go to complete the wave C of (4).

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Happy New Year