I believe that the KLCI is close to hitting its short term peak soon. At the time of writing, the KLCI is at 1147. I expect the KLCI to peak soon to complete wave 1. 1150 is based on 2.618x of wave 1 while 1153 is the based on the elliott channel. Its indicators are also showing signs of divergence, supporting the view that the benchmark index is close to a short term top.
Should the index do actually top near the 1150-1153 levels, it could pullback to at least the minimum 1132, back to Wave 4. Ideally, it should pullback to 1103-1120 of wave 3(iv), where the 38%FR is at 1115 and 50%FR is at 1104.
The alternative view (of a lower probability) is that the KLCI is already completed a short wave 2 down to 1132, then the index is likely heading towards 1218 next, suggesting that wave 3 has just begun and would likely extend further.
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