KLSE Weekly Chart

IT seems that LKY, LHL are not the only one sucks in forecasting. The Singapore Meteorology also sucks. the last I heard from them was that Singapore is going to be hot with above 35DegC until May this year because of the El Nino effect. The truth is it has been raining cats and dogs since their forecast. In fact, my wife said that the December rainy season just came late.


Fig 1 KLSE Weekly Chart

I have ocassionally been looking at KLSE but I have very little interest in the index. I don't play the KL market and it has very little effect on the Singapore market. Ever since I got back my data base, I also noted that its move are filled with gaps, making it a little difficult for wave count.

Now I am not too sure of my count for its upward movement since Nov 2008. Clearly the first wave is a zigzag, indicating that we are still in counter wave. The a zig zag to complete b. The problem now is the c is very long, stretches from Mar 2009 till now. Yet, I do not have any alternate wave count on it. For the time being I would have to accept this count.

The interesting part is that KLSE is reversing through an evening star, well sort of. By right it has to be alone up there with gap before and after. But what I see so far give me some confidence that it is coming down. The closest support comes from 21 weeks moving average at 1,246. Resistance wise, 1,305.