Wednesday, December 12, 2012

FKLI Midday - Potential End to Extended Wave C(iii) (Dec 12)

Hi all.

Firstly, wish all have a truly memorable day on 12.12.12 !!  ....\(^o^)/....

In the past 3-4 days, FKLI have managed averagely >10pts climb a day, every day, to bring us past 3 significant fibo levels since start of this week. 
Last Friday (Dec 07), FKLI close the week at 1,615. Taking today's early morning spike to 1,657.5, we have climbed a total of 42.5 points over three trading days.
The bullishness is no doubt impressive, but it's way overdone without some decent pullback, the worrisome part of the strong rally.

The current Wave C(iii), extended to 1,630, extended again to 1,644.5, & triple-extended this morning to 1,657.5.
I'd really like to see some pullback from here, since we have a potential reversal pattern for today. 
A nice pullback will be crucial if the current rally is to continue, maybe to retest the previous peak of 1,677, or even, close the year with a new high on the index.

Or, we might be affected by the US market, if the Congress still is not able to come out with a solution soon enough, to avoid falling over the Fiscal Cliff.

So, it's still early to call this the end of the previous corrective donwtrend of 1,677-1,590, while it's also still early to call this a continuation of the long-term rally from 1,310 bottom since Sept'11.
We will have to wait & see, whether the year will close on a bullish or bearish note.

Here's my analysis at midday close.

FKLI - Potential Reversal Pattern to end Extended Wave C (iii) (Dec 12, midday)

Enjoy the once in a lifetime 12.12.12 !!!
Happy Hunting !! :)

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