Has Dow reached its turning point? Is the historical high of 24,272 on Thursday the end of its major wave 7? Is Dow heading for a 15% pullback?
This is the most bearish outcome - a major wave 8 correction.
Even if Dow started to drop in the next two weeks, a less bearish outcome is a sub-wave vi correction.
A bullish outcome is when Dow continues to move higher in the next two weeks for more record breaking.
The early November high and the subsequent correction is not the mini wave 7 and 8 but is a lower degree minor wave (i) and (ii). Sub-wave v has not yet ended .
KLCI continued with its wave C correction. I am expecting a sub-wave ii rebound.
USD/MYR (Rm4.09 to 1USD)
The USD/MYR rate reached 4.09 on Friday. Is the wave C of (2) in progress? Possibility is there.