Thursday, August 16, 2007

KLCI : Strong Rebound Is Due

In order to continue a downward momentum, a strong rebound is needed. Our KLCI has reach FR 61.8% today. A sharp sell down - impulse wave starting from 1390 till 1200 has taken place (red line) which should be the area of stop place* for EW Zigzag (5-3-5 : A,B,C) correction pattern in bearish market. Well, sooner or later the rebound wave will going to take place in order to form a B pattern (green line) and could reach to 1300 - 1320. Once this level is reach, beware of C pattern which can also be a sharp sell-down impulse wave and could reach to 1090 - 1100 (the wave will depend later on overall market sentiment). Good Luck!

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