Highlights

KLCI waves

Author: hotstock1975   |   Latest post: Sun, 24 Jan 2021, 10:32 AM

 

KLCI waves 33 - Impulsive WAVE 5 instead of WAVE 1 to power up SUPER CYCLE BULL RUN

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Weekly Time Frame

 

 

As expected, a strong rebound and closed above 1515 had spur a strong upward and was able to close above 1519.64 to validate Bullish Engulfing Candle which was formed during the prior 2 weeks. Therefore, an continuous uptrend is expected towards the critical strong resistance of 1610 before consolidation phase may emerge.  
 
Due to strong degree of momentum emerged, the entire Higher Degree of Wave counts has been revised as labelled which indicates the current implusive waves constructing could be in Wave 5. Besides that, the weekly PTI reading of 38 is indicating that the prior Higher Degree of  Complex Correciton waves WXY was healthy which could succeed Wave 5 at higher level. Therefore, the tendency to breach above 1610 level is high in coming weeks. Subsequent minor waves would be elaborated further in daily time frame. 
 
1) -DMI (red line) continue heading down with greater margin indicates bearish momentum is  decreasing intensively.  
2) +DMI (blue line) continue heading up and breakout emerged with greater margin indicates bull strenght is strong. 
3) ADX (pink line) is start to curve up which implying the volatility of the current trend is high with narrow margin. 
 
Therefore, the summations of the 3 signals above is implying uncertainty still remains with narrow margin and knee jerk reaction is still being expected. From current situaton, +DMI has crossed above -DMI with breakout in greater margin indicate bull strenght is in favor. With ADX's current reading, Bull strenght is strong with improve volatility. However, a continuos increased in ADX reading is still required in order to validate a prominent trend to be developed.   
 
Prevailing trend could be emerged if Weekly levels listed below was broken:  
 
Resistance - 1639,1650,1682
Immediate resistance - 1610,1621-1623
Immediate Support - 1577, 1564, 1556,1530 
Support - 1488 (UT line), 1470 (DT line) 
 
 
Dailly Time Frame
 
 
To recap from prior session no.32, the Higher Degree of Complex Correction WXY was completed at 1452.13 and Wave 1 could have been on its way up with 5 sub minutte wave extensions were being contructed. 
 
As mentioned in Weekly Time Frame above, the entire Higher Degree of Wave counts has been revised where the current implusive up waves constructing could be in Wave 5 instead. The revision took place when the degree of momentum for the current implusive waves were too strong which had triggered the quantification of waves count requirements.  
 
Currently, the entire 5 sub minutte waves with extensions is still being constructed to complete Wave 5 and now 3rd sub minutte waves extension is on its way towards an consolidation phase which may emerge soon. I won't rule out that the magnitude of extensions waves could be vary in between 3rd or 5th sub minutte waves along the way to the upside. Besides that, the daily PTI reading of 42 indicating the Higher Degree of  Complex Correciton waves WXY was healthy which could succeed Wave 5 at higher level. ThereforeWave 4 would be strongly realized if the high of Wave 3 (1618.01) is penetraded convincingly. Once the penetration incurred, i am expecting that the implusive wave to continue to end Wave 5 with 3 possible targets at 1639, 1685 or 1706.
 
The entire wave structure will still be monitored closely if the low of Wave Y at 1452.13 is breached as more complexity wave formations could be emerged such as multiple WXY correction waves may take place before Higher Degree of 5 Waves Bull Run.
 
All waves' count and projected target are generated based on past/current price level with quantification waves requirements and it may be subjected to vary if degree of momentum movement change.  
  
Prevailing trend could be emerged if Daily levels listed below was broken: 
 
Resistance - 1639,1650,1682
Immediate resistance - 1610,1621-1623
Immediate Support - 1577, 1560, 1554
Support - 1530, 1490
 
==========================================================================
Very Nice Implusive Waves Setup for the SUPER CYCLE Bull Run.  
==========================================================================
 
Let's Mr Market pave the waves.   
 
Trade safely
 
Wave Believer
 

 

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