The conceptual framework for a man's search for meaning

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July 31st, 2019 by dimpledbrain

On 19 July, I projected FBMKLCI using a daily chart. I said it will push downwards, hitting 1640 as the first stop. 2 weeks later now, it hit that point. So an update is due

  1. 1640 is the mid of downward channel.
  2. It will consolidate here for a while before deciding on the next move
  3. For it to reverse the trend, it needs to go up 1670 and form a new base there
  4. Else it will push down towards 1580 (the low of the downward channel)
  5. As at now, #4 is more probable

Attached is a renko chart (semi tick chart*) with a 5 point reversal for FBMKLCI

A true tick data set will not have time element. The above is built from an end of day data

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