FBMKLCI Chart & Summary (CIMB)

There is no change to our immediate term outlook. We believe that wave 5(iv) has ended at 1,558 a couple of days ago and the final wave of 5(v) is now underway. As we mentioned earlier, this wave is likely to carry the index towards 1,580-1,595 levels in the coming days. This band consists of several Fibonacci targets. 1,600 is also a near term magnet. Support is at 1,558 and 1,509, where the latter is critical to this uptrend.