Wall Street regains some of its losses

Dow surged 181pts while S&P500 was up almost 20pts. Both indices regained some of its losses since Sept 4. The Dow is now trading just below its 61.8% Fibonacci levels. If my wave count is correct, then the upside would likely be limited from here and it should start to turn downwards from here. I may have to revised my counts should Dow rallies to close another 50-80pts higher. For now, I am sticking to my call that Wave-C down leg has indeed begun and it should continue lower from here.

For KLCI, it could continue to stay range bound between 1,280-1,300 today even though it may open higher due to Dow. Spore's STI is still rising but the upside would likely be capped too. I do not expect it to breach 3,517 and 3,545. If it does, then I may need to revised the wave count for STI. Right now, maintain the sell on strength strategy.