Priceworth and Kurnia Asia

I have discussed the chart pattern of Priceworth and Kurnia Asia two weeks ago in my previous post dated 25th August. It is interesting to see what has happened to these two stocks in the last two weeks.

Priceworth's chart as shown below has started to moved within a narrow range at around 60 sen level. A good starting point for the right shoulder.


If the price can move up from here and can proceed to break the neckline at 80 sen level, then it is an inverted head and shoulder formation. However if the price starts to move lower towards the double bottoms support line, then it is not an inverted head and shoulder formation, it is a 100% retracement for wave (II). A 100% retracement is usually a golden opportunity to move into a stock provided the world bourses especially Dow are still alive.

On 25th August when I talked about Kurnia Asia, it was the first day it started to move higher, away from the neckline after it has gone back to touch the neckline at 50 sen earlier. From 50 sen level on 24th August, it has moved all the way up to closed at 64 sen today for a 14 sen (28%) gain in the last 12 trading days. If sub-wave iii's magnitude equals to 1.618 times of that of sub-wave i, the immediate target for sub-wave iii can be 70 sen. After which there will be a sub-wave iv pullback to be followed by sub-wave v to complete the wave 3 possibly at around 85 sen. All the targeted prices are subjected to fine-tuning as the wave form slowly unfolds itself.