KLS · Industrials · Weekly analysis

0039 Elliott Wave report

GFM Services Berhad

Latest close MYR 0.195 Week ending 25 Sep 2026 History 276 weeks
Current reading

The five-wave move is mature

The count describes a move that may be nearing its end. Watch for a confirmed reversal; maturity alone does not mean price has turned.

92/100 Setup score 100/100 Data quality Mature / manage risk Setup status
A setup score is a measure of fit, not a probability or price forecast.
How to use this report

Start with price. Read the selected pattern and the weekly closing levels beside the chart. “Confirm” means a move supports that interpretation; it does not guarantee a return.

Compare the evidence. A wave count can disagree with the trend, momentum or sector. The report points out those differences before looking at timing.

Check the limits. Timing windows are estimates, the last swing can move, and historical outcomes vary. Open the rules and data notes for more detail.

01 · Price & key levels

The pattern and the prices to watch

Selected wave countFive-wave advance mature

Numbers 1 to 5 label the successive legs of the selected wave pattern. The last point can still move.

Other readingsCheck whether the move is losing support

5 readings are positive, 2 are negative and 0 are neutral. They describe current direction, not whether a mature move has finished.

Main uncertaintyModerate count stability

The leading count changed 3 times across the last 9 checks. Keep the alternative interpretations in view.

Weekly price and wave pattern

Move across the chart to inspect a week. Turn on explanations for a guide to the marked points.

Weekly close30-week trendFair ValueConfirmationCount failureSelected pattern

The shaded area marks the selected pattern. Filled dots mark confirmed turns; the outlined dot is still forming. Prices use completed weeks; changing the chart range does not recalculate the count.

Weekly chart values
Prices in MYR · the history displayed on the chart
Week endingClose30-week trendFair Value
2023-10-060.17640.17140.1831
2023-10-130.18090.17190.1832
2023-10-200.18990.17250.1835
2023-10-270.18990.17290.1838
2023-11-030.18990.17310.1841
2023-11-100.21250.17410.1844
2023-11-170.21710.17560.1849
2023-11-240.21250.17670.1853
2023-12-010.22160.17850.1856
2023-12-080.23970.18090.1862
2023-12-150.23520.18310.1867
2023-12-220.25780.18610.1874
2023-12-290.25830.18910.1881
2024-01-050.25370.19190.1888
2024-01-120.25370.19480.1895
2024-01-190.2260.19680.19
2024-01-260.23990.19950.1906
2024-02-020.2260.20170.1912
2024-02-090.20760.20320.1916
2024-02-160.2260.20520.192
2024-02-230.23060.20750.1924
2024-03-010.25370.21060.1923
2024-03-080.28140.21450.1915
2024-03-150.31370.21930.1915
2024-03-220.35520.22510.1919
2024-03-290.36520.23130.1924
2024-04-050.36060.23720.1929
2024-04-120.38870.24420.1936
2024-04-190.32780.24910.1939
2024-04-260.36520.25520.1945
2024-05-030.34650.26090.1949
2024-05-100.35120.26660.1957
2024-05-170.36520.27240.1966
2024-05-240.3980.27940.1976
2024-05-310.36990.28540.1985
2024-06-070.41210.2920.1997
2024-06-140.40270.29820.2008
2024-06-210.40960.30480.2021
2024-06-280.39550.31060.2034
2024-07-050.33430.31370.2043
2024-07-120.32490.31670.2051
2024-07-190.32020.31880.2059
2024-07-260.29660.32010.2066
2024-08-020.27780.32090.2072
2024-08-090.26370.32120.2077
2024-08-160.27780.32290.2084
2024-08-230.26370.32370.2089
2024-08-300.27310.32530.2092
2024-09-060.25420.32680.2094
2024-09-130.24480.32750.2096
2024-09-200.24480.32790.2098
2024-09-270.23280.32720.2099
2024-10-040.22810.32550.21
2024-10-110.24230.32310.2102
2024-10-180.22810.31880.2103
2024-10-250.21380.31380.2103
2024-11-010.21860.30910.2105
2024-11-080.21380.30320.2107
2024-11-150.21380.29940.2108
2024-11-220.21860.29460.2111
2024-11-290.21860.29030.2114
2024-12-060.24230.28670.2119
2024-12-130.25660.2830.2124
2024-12-200.23760.27770.2129
2024-12-270.22810.2730.2132
2025-01-030.24230.26730.2135
2025-01-100.23280.26160.2138
2025-01-170.22330.25540.2141
2025-01-240.22330.24970.2144
2025-01-310.21860.24580.2146
2025-02-070.22810.24260.2149
2025-02-140.21860.23920.215
2025-02-210.21860.23660.2152
2025-02-280.22810.2350.2155
2025-03-070.20430.2330.2158
2025-03-140.19480.23020.2158
2025-03-210.19960.22810.216
2025-03-280.19930.22560.2162
2025-04-040.19930.22380.2162
2025-04-110.17990.22160.2163
2025-04-180.18470.21960.2163
2025-04-250.19440.21840.2165
2025-05-020.19930.21740.2166
2025-05-090.18960.21560.2167
2025-05-160.20420.21480.217
2025-05-230.20420.21450.2173
2025-05-300.19440.21370.2175
2025-06-060.19440.21310.2177
2025-06-130.19440.21240.2179
2025-06-200.18470.21130.218
2025-06-270.18960.21030.2181
2025-07-040.19930.20890.2184
2025-07-110.19930.2070.2186
2025-07-180.19750.20560.2188
2025-07-250.19260.20450.219
2025-08-010.19260.20280.2192
2025-08-080.19260.20150.2194
2025-08-150.19260.20040.2196
2025-08-220.18760.19920.2198
2025-08-290.18270.1980.2199
2025-09-050.18270.19650.2201
2025-09-120.17780.19520.2203
2025-09-190.19750.19450.2206
2025-09-260.20240.19360.2211
2025-10-030.20740.19370.2215
2025-10-100.20740.19410.222
2025-10-170.18760.19370.2223
2025-10-240.19260.19350.2226
2025-10-310.18760.19310.2229
2025-11-070.18760.19340.2231
2025-11-140.18760.19350.2234
2025-11-210.18270.19310.2234
2025-11-280.18760.19270.2233
2025-12-050.17780.19230.2232
2025-12-120.17280.19120.2231
2025-12-190.16790.190.223
2025-12-260.16790.18920.2228
2026-01-020.17280.18840.2228
2026-01-090.17280.18770.2228
2026-01-160.17280.18730.2228
2026-01-230.16790.18660.2226
2026-01-300.16790.18550.2224
2026-02-060.16790.18450.2223
2026-02-130.1580.18320.222
2026-02-200.16790.18240.2218
2026-02-270.16290.18140.2217
2026-03-060.15310.18010.2216
2026-03-130.15310.17870.2215
2026-03-200.1580.17780.2214
2026-03-270.15310.17680.2212
2026-04-030.1580.17590.221
2026-04-100.160.17530.2209
2026-04-170.1650.17430.2209
2026-04-240.15310.17260.2207
2026-05-010.14820.17060.2206
2026-05-080.15310.16880.2205
2026-05-150.17290.16830.2205
2026-05-220.16790.16750.2205
2026-05-290.1630.16670.2205
2026-06-050.16790.1660.2205
2026-06-120.1630.16520.2204
2026-06-190.1630.16460.2204
2026-06-260.1550.16350.2204
2026-07-030.160.16290.2204
2026-07-100.1750.1630.2205
2026-07-170.170.1630.2205
2026-07-240.1850.16360.2207
2026-07-310.180.16380.2208
2026-08-070.190.16440.2209
2026-08-140.2050.16550.2212
2026-08-210.2150.16710.2214
2026-08-280.1950.1680.2215
2026-09-040.190.16870.2215
2026-09-110.1850.16960.2216
2026-09-180.1950.17050.2216
2026-09-250.1950.17160.2217
4-week return 0.0%
13-week return 25.8%
26-week return 27.4%
52-week return -3.7%
From 52-week high -11.4%
26-week volatility 38.2%
02 · Wave count

How the wave count fits

The chart uses a 9.1% closing-price reversal threshold. Filled markers are confirmed pivots; the outlined final marker is still forming.

Scenario comparison

Compare the possible patterns

Five-wave advance maturePrimary swing size · Leading49%
Possible bearish Wave 2 crestPrimary swing size2%
Five-wave advance matureTactical swing size49%
Weights compare the displayed patterns; they are not probabilities. The same pattern can appear at different swing sizes.
Leading wave count

Five-wave advance mature

49% evidence weight

The count below meets the required wave rules. The details show which swings and proportions support it. A valid pattern is still an interpretation of past price moves.

Confirm above 0.195 Fails below 0.195 Count stability Moderate · 52/100
Wave rules and proportions
PassWave 2 protects the Wave 1 originOrigin 0.1482; Wave 2 0.155.
PassWave 3 exceeds Wave 1Wave 1 0.1729; Wave 3 0.215.
PassWave 4 does not overlap Wave 1Wave 1 boundary 0.1729; Wave 4 0.195.
PassWave 3 is not the shortest motive waveMotive lengths: 0.02, 0.06, 0.00.
FailWave 5 makes motive progressWave 3 0.215; Wave 5 0.195.
GuidelineWave 2 retracement is proportionateRetraced 72% of Wave 1.
GuidelineWave 3 extension is plausibleWave 3 is 2.43× Wave 1.
GuidelineWave 4 retracement is proportionateRetraced 33% of Wave 3.
GuidelineWaves 2 and 4 show temporal alternationWave 2 lasted 6w; Wave 4 lasted 1w.
Strategic degreePossible bearish Wave 2 crest

Strategic degree uses a 14.6% weekly closing-price reversal threshold.

Primary degreeFive-wave advance mature

Primary degree uses a 9.1% weekly closing-price reversal threshold.

Tactical degreeFive-wave advance mature

Tactical degree uses a 6.4% weekly closing-price reversal threshold.

Active swing 0.0%

4 weeks · Forming

Nearest confirmed support 0.155

Pivot from 2026-06-26

Nearest confirmed resistance 0.215

Pivot from 2026-08-21

30-week trend 0.1716

Price is 13.7% from trend

Fair Value reference 0.2217

Price is -12.1% from Fair Value

52-week range position 65%

0.1481 low · 0.22 high

03 · Supporting evidence

Where the evidence agrees or disagrees

5 readings are positive, 2 are negative and 0 are neutral. They describe current direction, not whether a mature move has finished.

71% directional agreement

Check whether the move is losing support.

Trend

Price is holding above its 30-week trend.

13.7% above trend
Cycle pressure

The medium-term pressure curve is not rising.

Cresting
Cycle alignment

Several cycle lengths are weakening together.

Falling Stack
Relative strength

Outperforming its benchmark

+12.7
Market activity

Participation is supportive

+22.2
Market dynamics

Price and volume behaviour is supportive

+1.0
30-week momentum

Medium-term momentum is positive

+19.7
Balance of readings Constructive

5 constructive, 2 weak and 0 neutral measures.

Agreement describes direction among the readings. It does not necessarily support the selected wave count.

Market activity

Whether participation is supporting the move.

Participation is supportive.

Relative strength

Performance against the market benchmark.

Outperforming its benchmark.

30-week momentum

The pace of the medium-term price move.

Medium-term momentum is positive.

Market dynamics

A separate scale prevents this lower-range measure being hidden by relative strength.

Price and volume behaviour is supportive.

04 · Cycle timing

What cycle timing adds

Cycle estimates help describe timing. They do not set a date for the next price turn.

Cycle pressure is near a high and starting to turn. Watch whether price and momentum also weaken.

Cycle repeat scores range from 0 to 20/100. Low scores mean the past rhythm is irregular, so the projected weeks deserve less weight.

Pressure phaseCresting

Current medium-term pressure direction

Cycle agreementFalling Stack

25/100 constructive · 75/100 risk

Estimated next low3 weeks

Timing estimate, not a dated forecast

Estimated next high10 weeks

Timing estimate, not a dated forecast

Cycle pressure

Above zero is positive pressure; direction matters more than the absolute number.

Shorter and longer cycles

The thick line is the blended reading; thinner lines show 20, 40 and 80-week components.

An observed cycle is the repeat found in past prices. The repeat score describes how clearly it appears. FLD is a shifted price reference used to check a turn. Low timing scores can coexist with a positive price-cross check.

Typical / observed cycle10w / 11w
Current phaseCresting
Repeat score20/100
Price-cross check (FLD)Crossed Down
Since last trough12w
Possible next low6–14w
Typical / observed cycle20w / 15w
Current phaseCresting
Repeat score9/100
Price-cross check (FLD)Crossed Up
Since last trough12w
Possible next low0–6w
Typical / observed cycle40w / 30w
Current phaseCresting
Repeat score0/100
Price-cross check (FLD)Crossed Up
Since last trough12w
Possible next low9–27w
Typical / observed cycle80w / 100w
Current phaseTroughing
Repeat score0/100
Price-cross check (FLD)Crossed Down
Since last trough20w
Possible next low61–99w
05 · Risk

Risk behind the price move

Wave structure is easier to judge when drawdown, volatility and participation are visible beside it.

Risk in context

How much room price has to move

Price is 52.7% below the highest weekly close in the stored history. It is 11.4% below the 52-week high. The two figures use different reference points.

Largest contributors to the risk score

  • Wave maturity

    A forming Wave 5 is mature structure: upside can continue, but reward-to-risk is usually less forgiving.

  • Cycle rollover

    Medium-term cycle pressure is cresting.

  • Trend extension

    Price is 13.7% above the 30-week trend; large positive gaps increase snap-back vulnerability.

Downside risk check

Elevated vulnerability

68/100
Wave maturity25/25
Trend extension12/20
Range position0/15
Cycle rollover15/15
Multi-cycle risk11/15
Count instability5/10
Event proximity0/10

This score combines the risk checks shown here. A higher score means more warning signs, not a measured probability of a fall.

52-week low0.1481
52-week high0.22
Annualised volatility38.2%

Based on the latest 26 weekly returns

Average weekly range6.7%

Average high-to-low range over 13 weeks

Current drawdown-52.7%

From the highest close in the stored record

Latest volume172%

Of its trailing 20-week average

Drawdown history

Distance below the highest prior weekly close.

Realised volatility

Annualised variability of the latest 26 weekly returns.

Relative volume

Weekly volume as a percentage of its 20-week average.

06 · Market context

Sector trends and upcoming events

Compare the pattern with other stocks in the sector, then check whether an event could change the price picture.

Sector breadth

Most analysed peers have an upward wave count. That agrees with this report’s upward interpretation.

67% constructive

16 of 24 analysed peers have a leading upward wave pattern.

42% have improving cycles Breadth shows whether peers share the structure. Cohort outcomes use non-overlapping, point-in-time trend and momentum states from the same sector and report benchmark excess return when matching benchmark bars exist; they are context, not a backtest of the Elliott count.
Earnings and options

Event information is limited

No additional warning is recorded. Missing event data does not rule out a surprise.

These are the latest stored event readings. Missing earnings or options data does not mean that event risk is absent.
Peer-state horizonNon-overlapping samplesPositiveMedianMedian excess vs ^KLSEMiddle 80% of returns
4 weeks71455%0.7%0.9%-6.7% to 13.5%
13 weeks25867%3.8%4.2%-10.3% to 30.0%
26 weeks13870%10.0%8.0%-12.1% to 51.5%
07 · History

What happened after similar readings

After similar readings, the middle 4-week return was +0.0% across 65 completed outcomes. The range below shows how far individual outcomes differed. Overlapping weeks are not independent tests of this wave count.

66 similar weekly states

Typical return after a match

Median outcome after each matching historical week.

4w
0.0%
13w
-3.3%
26w
-6.5%
HorizonMatchesPositiveMedianRange
4 weeks 65 46% 0.0% -25.0% to 54.0%
13 weeks 60 43% -3.3% -41.1% to 72.6%
26 weeks 60 42% -6.5% -45.1% to 114.9%

Overlapping historical matches are descriptive context, not independent observations or a forecast.

Data quality, rules and limitations
Evidence quality100/100

This measures usable history, indicator coverage and confirmed swing points. It does not measure the chance of the scenario succeeding.

Weekly history
100/100
Indicator coverage
100/100
Confirmed structure
100/100
Model ewc-2.1.0 · as of 2026-09-25 · only the final active pivot is provisional; confirmed pivots are retained.
How the count is built

Rules and data notes

  • Swing points use weekly closes and a 9.1% adaptive reversal threshold.
  • The final swing is provisional until the reversal threshold is met.
  • Candidate counts must pass the Wave 2 origin, Wave 3 progression/length and Wave 4 overlap rules when those waves are present.
  • Fibonacci proportions and alternation rank valid candidates but never rescue a hard-rule failure.
  • Primary and alternate evidence weights compare admissible counts; they are not probabilities.
  • Nominal Hurst periods adapt to observed weekly rhythm. Future windows include measured timing uncertainty and require FLD or price confirmation.
Audit trail

Recent swing points

Dates and prices for the recent swings. The final point can still move.

DateStatusTypePriceMoveDuration
2024-11-15 Confirmed Low 0.2138 -48.1% 23 weeks
2024-12-13 Confirmed High 0.2566 20.0% 4 weeks
2025-04-11 Confirmed Low 0.1799 -29.9% 17 weeks
2025-05-23 Confirmed High 0.2042 13.5% 6 weeks
2025-09-12 Confirmed Low 0.1778 -12.9% 16 weeks
2025-10-10 Confirmed High 0.2074 16.7% 4 weeks
2026-05-01 Confirmed Low 0.1482 -28.5% 29 weeks
2026-05-15 Confirmed High 0.1729 16.7% 2 weeks
2026-06-26 Confirmed Low 0.155 -10.3% 6 weeks
2026-08-21 Confirmed High 0.215 38.7% 8 weeks
2026-08-28 Confirmed Low 0.195 -9.3% 1 weeks
2026-09-25 Forming High 0.195 0.0% 4 weeks

Chart guide

Evidence context