As mentioned in the previous post
we are indeed going through retracement to our KLCI index. However this retracement is accompanied by major global issue, the big retracement of the Dow which recorded a worst single day intraday point drop of 1597 pts (6.26%) on 5Feb2018 before recovering to close down 1175pts. This almost made it equivalent to the previous biggest intraday point drop of 1089 (-6.6%) which happened on 24Aug2015.
So what do we expect about our KLCI? Currently the index is;
1. Seen ended its 5th wave extension and already staged a pull back (after hitting 61.8% FE level @ 1879) to form a selling climax at 1795 level.
2. Rebounded after hitting the selling climax to crawl slightly above the 61.8% FR levels.
3. Supported on EMA20
At the moment a cautious stance need to be taken as the correction waves A-B-C is no where seen to complete. If the EMA 20 support is broken, the support from the FR levels 1827 and 1813 will be the reference.
Currently, at 2.50 am, the Dow is down 587pts. Wish the KLCI good luck on a lovely Friday.
So what do we expect about our KLCI? Currently the index is;
1. Seen ended its 5th wave extension and already staged a pull back (after hitting 61.8% FE level @ 1879) to form a selling climax at 1795 level.
2. Rebounded after hitting the selling climax to crawl slightly above the 61.8% FR levels.
3. Supported on EMA20
At the moment a cautious stance need to be taken as the correction waves A-B-C is no where seen to complete. If the EMA 20 support is broken, the support from the FR levels 1827 and 1813 will be the reference.
Currently, at 2.50 am, the Dow is down 587pts. Wish the KLCI good luck on a lovely Friday.