Price level satisfaction can only be achieved if FBMKLCI retest 1775, to conclude the correction (which began in Feb 2018), based on a combination WXY ElliottWave structure.
The wave Y is a reverse symmetry (expanding) triangle, with wave E aiming for 1775.
Price level 1775 will coincide with 61.8% retracement of the previous uptrend (Dec 2017 to Feb 2018).
The price structure is setting tone for the incumbent to lose the ruling power for the first time of history, smashing the beliefs of most financial analyst.
Remark: Very tricky!
Immediate term very bearish, once 1775 mark is hit, sentiment will reverse to bullish, inflicting maximum confusion to traders.
The wave Y is a reverse symmetry (expanding) triangle, with wave E aiming for 1775.
Price level 1775 will coincide with 61.8% retracement of the previous uptrend (Dec 2017 to Feb 2018).
The price structure is setting tone for the incumbent to lose the ruling power for the first time of history, smashing the beliefs of most financial analyst.
Remark: Very tricky!
Immediate term very bearish, once 1775 mark is hit, sentiment will reverse to bullish, inflicting maximum confusion to traders.