KLCI waves

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


KLCI waves 35 - Final Minuette Wave On Call

Author:   |    Publish date:

Weekly Time Frame



KLCI has yet to close above 1610 after few attempts of penetration. However, there would be more attempts to test these level after consolidation phase emerged next week.  
To recap, the Higher Degree of Wave 5 is still being constructed to archieve higher level. The  current weekly PTI reading is still remain at 38 which 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 higher margin indicates bearish momentum is still decreasing.  
2) +DMI (blue line) curved down with lower margin and indicates bull strenght is decreasing. R1 could act as support after the breakout last week.
3) ADX (pink line) continue heading up with consistent margin implying that the volatility of the current trend is improving consistently. 
Therefore, the summations of the 3 signals above is implying uncertainty is reduced with narrow margin but caution is still required for any unexpected knee jerk reaction. From current situaton, Even +DMI curved down, +DMI is still staying above -DMI and supported by R1 after breakout last week. These indicates bull strenght is still in favor with improved volatility. Besides that, -DMI and ADX are getting closer and criss-crossed setup will spur a strong momentum to the upside. Therefore, a continuous 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 - 1490 (UT line), 1465 (DT line) 
Daily Time Frame
To recap, the entire 5 sub minuette waves with extensions were still being constructed to complete Wave 5. As expected, 4th sub minuette correction wave was ended at 1578.39 which was 2 points away from projected target of 1576. Currently, 5th sub minuette correction wave is being constructed. 
To re-iterate, the daily Higher Degree Wave's PTI reading is still remain at 42 indicating the prior Higher Degree of  Complex Correciton waves WXY was healthy which could succeed Wave 5 at 3 possible targets level at 1639, 1685 or 1706 if 1610 could be penetraded above convincingly.
On the other hand, i am expecting an consolidation phase would take place in short run. I won't rule out that the consolidation phase might test or breach the low of 4th sub minuette correction wave at 1578.39 again to form minuette complex waves which could lead to construct a prolong new 4th sub minuette correction wave instead.
The entire wave structures 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 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 - 1597, 1577, 1560, 1554
Support - 1530, 1490
Patient is required for the Implusive Waves of the SUPER CYCLE Bull Run.  
Let's Mr Market pave the waves.   
Trade safely
Wave Believer


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