Dow is about 150 points away from reaching the upper trend-line. Is this going to be the end of its major wave (7) ?
If this major wave (7) has only 5 waves and is going to end at 19,300, its magnitude appears to be small,
Unless this major wave (7) has 9 waves or more and continues to zig-zag upwards along its upper trend-line.
Another possibility is for Dow to punch through the upper trend-line.
In the last 5 trading days, KLCI was able to withstand the dropping ringgit and moved side way.
My wave count for KLCI remains the same. It is either KLCI has already completed its major wave 4 and is about to complete the wave (ii) of its major wave 5
Or it has not yet completed its major wave 4.
The ringgit is fast approaching its record closing low in 1998. One bullish possibility is an A-B-C formation and the ringgit is about to complete its wave 7 of B to give a double-top reversal pattern.
And of course there is also this bearish possibility that the ringgit will punch through the ceiling and move into record territory. Under this circumstance my above A-B-C wave count can be thrown away.
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