Monthly Time Frame
KLCi was able to close in green at
1407.78 and almost formed a bullish piercing line formation. Therefore,
KLCI must close above 1411.12 on 29/5/20 in order to succeed the
piercing line formation for further potential upside in coming months.
Besides that, KLCI has been holding well above 1343 which was double top
level. PTI reading is 21 indicate Failed 5th sub wave is possible.
Weekly Time Frame
KLCI had tried to write off the dark cloud cover formation and
failed to close above the high of 1428.95 with lower volume. ADX is
flattening with high volitility is still taken place. -ve DMI continued
heading down and meeting resistance while +ve DMI was resisted and
turning down. This implied that bearish sentiment might be taken place.
The PTI reading reduced from 33 to 28 to indicate Failed 5th sub wave is
possible.
Daily Time Frame
For the last 2 weeks, 2 sub minuette
waves was formed. 2nd sub min wave was believed to end at 1418.42 where
exceeded 76.4% fibo level. A short term double top might be emerged If
1359 support broken and 3rd sub min wave would be taken place there
after. Since the recent evening star and wedges formation are still
under the spot light, we will be very caution if any upside move towards
the high of evening star formation at 1428.95. Moreover, the upper gap
resistance at 1419 is still playing as a critical level whether it can
be breached which to imply that any further upside move can be realized.
The PTI reading 33 is still remain the same to indicate Failed 5th sub
wave is possible.
The above wave counts are generated based on current prices level and may subject to change if neccessary.
Wave Believer
https://klse.i3investor.com/blogs/E_Wave/2020-05-04-story-h1506878621-KLCI_waves_5.jsp
