In previous article, the Histogram analysis showed that the
KLCI would build its support base around 1670 region (Read
more here). The latest KLCI chart below shows that the
prediction is indeed reliable. The KLCI
consolidated for about a week and then started to move upward.
This article will look at the KLCI trend by using Elliot
Wave (EW) approach (Read more here). Based on the above chart, the KLCI appeared
to have completed the 1, 2, 3, 4, 5 wave.
By combining both histogram and EW analysis, the immediate resistance
for KLCI is around 1760 – 1780. This
could be the wave “a” ending point. If
the KLCI is to be trending at a, b, c wave, then highly likely it might pull
back to retest 1720 level, and subsequently might trend upward again to complete wave “c”.
The histogram chart above was first published in previous article, reproduce here for convenience.
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