CI Update & Double Shoulder IHS for KLCI?

The CI did not penetrate the long term uptrend line again despite regional markets flying. This shows lack of conviction of market players despite lower than expected inflation, probably no rise in interest rates in M'sia & 9MP announcements. If CI does not take out the 922 level convincingly then it will probably correct again to 906 or 900 before making another attempt.

This throws up an interesting possibility of a double shouldered Inverted Head & Shoulders pattern (see Chart). It is just as powerful a pattern as the one shoulder IHS. For the breakout to occur it still has to cross the trendline possibly at 'Z' around 925. On high volume that would rate a strong buy. For now unless there is breakout above 922 soon, I believe the market will correct itself first. Today's candle & volume is not very convincing, so I believe a correction will be the next action.