One possible wave count for Green Packet is as shown above. Its major wave (I) and (II) completed a double bottom formation. Since then it has completed its wave 1,2,3 and 4. There is a possibility that it is currently in its wave 5 formation.
The 6-Month chart above has indicated the completion of sub-wave i and ii of wave 5. Assuming this wave count is correct, today's 6 cents drop should have completed it sub-wave ii, the magnitude is big enough for sub-wave ii, it should either started to rebound tomorrow or it could form a reversal candlestick such as 'Doji' or 'Hammer'. The minimum target for wave 5 is about Rm 1.55.However if it should continue to move south, the magnitude would be too big for sub-wave ii, my wave count as shown above could be wrong, I will have to review and recount the chart.
No comments:
Post a Comment