Dow moved above 18,000 level on Friday. Hopefully this is the wave (iii) of (7).
At this stage I still prefer to assume that KLCI has completed its Super wave (I) with a failure major wave 5 as shown below.
Under this scenario, Friday's drop is likely to be the starting of sub-wave iii going south.
With the Government's all out pushing, KLCI might be able to continue with its major wave 5 formation.
The crucial point here is whether KLCI can go higher to 1,670 in the next few days or it is going to continue with last Friday's down-trend and heading south with a one-way ticket.