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
- 1640 is the mid of downward channel.
- It will consolidate here for a while before deciding on the next move
- For it to reverse the trend, it needs to go up 1670 and form a new base there
- Else it will push down towards 1580 (the low of the downward channel)
- 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