IHSG TA KI 1 September 2014

TECHNICAL ANALYSIS
JCI : (5,137, -0.9%)
Comment :
BBCA, UNVR and TLKM consecutively became lagging movers. Technically, JCI closed below historical support level
5,144. If the penetration confirm, so the the short-term trend of JCI turn into negative. Next support level at 5,040, which is support level of mid-term uptrend line. The penetration support level of 5,040 will cause mid-term trend of JCI turn into negative. When viewed with classical technical approach, JCI is likely to form a bearish rising wedges pattern if break support level of 5,150 with theoretical target in the range 4,800-4,830. Adopting the elliot wave approach and if there is no extention, medium-term bullish cycle of JCI is nearing the end and currently JCI forming impulsive wave 5 of 5. If JCI moves below the level of 5,040, it’s indicates that the medium-term of up cycle (impulsive wave 5 of 5) has complete (finished) and JCI doing the mid-term corrective wave abc and could potentially move to mid-term support level of 4,835.