After months of consolidation, the Kospi index is gearing for its next leg of up move. March 2021 to May 2021 up move was a five-wave rise. Post that the Kospi index corrected and retraced 50% of wave i. Now, the rise from May 14, 2021, low of 3103 looks like the beginning of wave iii as the daily momentum indicator has once again turned bullish. The Kospi may head towards the equality level of wave i that comes to 3430 and the 161.8% of wave i works out to 3630.