After the index took out the 1,164 resistance, I knew that my earlier count was incorrect. After relooking and recalculating the waves, I think this is more likely the proper count, which was the alternative count earlier.
The KLCI is now at a critical juncture. It can either stop here and now, where wave 5=1.618x of wave 1 at 1170.6 while a RF of 2.0x is at 1,172. The MACD has been sporting a lower high every time the index hits a new peak. This is a bearish signal, suggesting that momentum is slowly dwindling. However, it remains only a warning signal, telling investors to be very cautious now.
However, there is also a good chance that prices could even continue on higher towards the 1,200-1,210 levels if wave 5=0.618x of wave 1 thru 3. We will have to wait and see.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment