FBMKLCI Chart & Summary (CIMB)

As expected, the FBMKLCI continued to swing towards the 1,580-1,595 levels, reaffirming our view that the 1,558 level is the wave 5(iv). This would also mean that the near term trend is up, with a possible one last push towards the 1,600 psychological level before a meaningful correction would set in. The rather subdued technical readings indicate that this is likely the final wave of 5(v). On the downside, a break below 1,558 would mean that a deeper correction is underway. Index could fall back to 1,542-1,527.