FBMKLCI Elliot analysisFrom the daily chart we can assume that the candle already break the major support. The conformation will be tomorrow candle, to see if they can come back from the support. If the klci can't came back from support it will be continue zigzag on arrow that i have been located. The completion is under Y on 0.5 or 0.618 of wave 2.
FBMKLCI trade ideas
RISING WEDGE SIGN FOR A MARKET CRASH?Rising wedge is a bearish pattern that begins wide at the bottom and contracts as trading range narrows and the prices move higher. For a short term, the price might bullish and can consider to buy at price RM 1527 since the price in completing Wave D before it will moves to complete Wave E based on Elliot Wave structure. Last but not least, monitor the price action to minimise the risk when have an entry position and control money management.
AIMING TO BREAK ALL TIME HIGH FOR BURSA MALAYSIA 1,800ptsRationally, Index is preparing to retest its all time high level just around Quarter 3 of 2021. That one is my rationale thought. If I'm too optimist, Index will break 2,000pts level by this year. Crazy enough? Its not crazy. This is rationale opinion when Politician is not around. Otherwise, they will be crazier than me.
KLCI - 50% retracement on Jan 7 Looking at the big picture, KLCI index should reverse it's direction and heading up after Jan 7.
Jan 7 is also a pressure date being it's 30 degrees from Oct 7 which is a turning point.
watch out for Jan 14 2021 as it's One year anniversary from Jan 14 2020 which is Gann's term 360 degrees (a full circle).
Trend Analysis KLCI vs oil priceYTD, the trend of Malaysia KLCI Index and oil price moved like a parallel twin brothers. We know that oil price is negatively correlated to US currency so it is against most common belief that a strong US currency is good for our stock market as it will improve our exports. This phenomenon is really a mysterious puzzle :(