FBMKLCI Chart & Summary (CIMB)

As expected, we saw a short push to 1,576 in the morning before profit taking took the index to a low of 1,562. 1,576 was roughly about the 2.618x of its wave 5(i), meaning that wave 5(iii) is likely done. The 5(iv) wave should retraced to about 1,554-1,563, its 23.6%FR and 38.2%FR respectively. With yesterday’s doji like candle, we can expect a further correction today as investors continue to digest the recent gains. Once this minor correction ends, we expect one final push to new highs, likely within the vicinity of 1,585-1,598 levels with the 1,600 psychological resistance in close proximity. Uptrend is close to completion but it is not yet complete.