KLCI wave 10

Weekly Time Frame

1490 was penetraded convincingly with the continuous strength of prior three white soldiers bullish candle formations setup. Besides that, the down trend line (DT) has to be a spot light again as it was broken up marginally. Due to the stronger than expected momentum, the sub 5th wave (v) of higher degree of 3rd wave extension (3) is believed to end at higher level which will be elaborated further at daily time frame.

On the other hand, -DMI (red line) & +DMI (blue line) were finally met and made a criss-crossed each other with ADX (pink line) still heading down which implying bullish momentum has finally overtaken the trend for medium term. Although new trend has been emerged, there might be some knee jerk reaction where both lines would hover around before a preceding trend to be taken placed. 

Prevailing trend could be emerged if levels listed below was broken:  

Resistance - 1610

Support - 1527

Daily Time Frame

Recap from weekly time frame, the current sub 5th wave (v) is identified as an extension wave as the magnitude of the impulsive sub 1st (i) and sub 3rd (iii) waves were marginal strong without any extension waves. Besides that, the sub 5th wave (v) had exceeded the minimum criteria levels and prior projected targets at around 1488.82. Therefore, these wave extension is confirmed and will be ended at higher level. 

Nevertheless, there are revised projection targets for the sub 5th wave (v) extension based on FIBO approached of 161.8% from certain price levels respectively as below:

Target 1 - 1560 Or

Target 2 - 1674.81 - 1680.73 

Last but not least, we will be caution as it is still trading within the gap resistance region. Moreover, it had broken up above upper channel (CT) with decreasing volume after a throw over action. A short term consolidaton phase might take place if it reversed back below the upper line.  

Prevailing trend could be emerged if levels listed below was broken:  

Immediate resistance - 1570, 1610

Immediate support - 1527

Eventhough we are riding on the Bull Run Cycle. Trade deligently and safely
Wave Believer

https://klse.i3investor.com/blogs/E_Wave/2020-06-08-story-h1508670731-KLCI_wave_10.jsp