Wave 2 - a Sideways

Wall Street rebounded strongly at the close after opening more than 1.5% lower. That may have been the temporary bottom for the US markets. Now I am looking a flat Wave 2. With wave 3 to kick in later, it is still best to sell on rebound. STI and KLCI should be able to rebound as well as both markets are holding above their strong support. STI needs to hold above the 3,300 support while KLCI needs to hold above the 1,285 levels. Maintain sell on strength strategy for now.