KLCI dropped 56 points today (-3.19%) to confirm the arrival of the bear. At best, we still have a last rebound, the wave (v).
Or it may choose to go all the way to the south with some technical rebound along the way.
If the current correction is a mega wave (6) correction, it will either have a shorter duration sharp 45% pullback to 1050 level or a longer duration but not so deep, say about 25% pullback to form the mega wave (6).
If it is a super wave II correction then it will have to drop to at least the mega wave (4) level.
Industrial Index (3,052)
The Industrial Index dropped 102 points (-3.23%) today. The most likely wave count is an overlapping wave (i)-(ii)-(iii)-(iv)-(v) major wave 5 formation. Similarly it is either forming its mega wave (6) or it is forming its super wave II corrective wave.
Similar to KLCI, its mega wave (6) can either be a shorter duration but bigger magnitude 37.5% pullback or a longer duration complex wave with about 20% pullback.