Ekovest - head and shoulders, Part III

Ekovest closed the week at Rm2.64, almost touching its minimum target of Rm 2.60 for its 'head and shoulders' formation. Once this level is broken, the next support is Rm 1.70, the top of sub-wave 1.




For a more bullish wave count, the current downtrend is sub-wave 4. The next surge will be the sub-wave 5 of wave (3). Its price can reach Rm5.80 if wave (3) has a magnitude of 1.618 times that of wave (1).



For a more bearish wave count, the last peak can be the major wave (B) as shown below. Its price has a potential low of below Rm1.00. I think this possibility is quite slim based on the high volume recorded during its last surge, wave B usually has comparatively lower volume.





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