Dow, FBMKLCI, GPharos and PWorth

Dow (16,947)

For Dow long-term wave count, I still like to maintain that the March 2009's bottom of 6,547 is Super Wave VI. Since then Dow has been forming its Super Wave VII.

Since March 2009, Dow has completed its major wave (1)-(2)-(3)-(4) and wave (i) to (x) of its major wave (5) of mega wave 1. Dow is currently on its wave (xi). After that there will be wave (xii) correction and then the next run up to wave (xiii), a potential major turning point. It can either go for a 10% to 15% major wave (6) pullback.

Or it can be the very damaging mega wave 2 pullback. It may drop to its major wave (4) level of 10,655 for a 40% pullback. It may also go for a 100% retracement to the starting point of mega wave 1, the March 2009's 6,547 level. Don't play play.

Looking at the 6-month chart, Dow is forming the mini-wave 5 of its sub-wave iii of wave (xi), still months to go before reaching the potential turning point of wave (xiii).

FBMKLCI (1,885)

For Bursa Malaysia FBMKLCI, the index is currently forming its major wave 3.

For its major wave 3, so far it has completed its wave (i)-(ii)-(iii)-(iv) and sub-wave i-ii.

At this moment, the index is forming the mini-wave 5 of its sub-wave iii of wave (v).

Golden Pharos Bhd (Rm0.965)

GPharos has a small rebound on Friday, if the correction is over, GPharos will move above Rm1.00 to form its mini-wave 7 next week.

 

However, if its correction continues, then last week high can be the sub-wave i. The current sub-wave ii pullback may bring the stock price to 80 sens or below, a golden opportunity for me to accumulate more.

GPharos has announced its log production for May. Log production has dropped from its April 5,329 hpt to May 2,915 hpt (1 hpt = 1.8 cu.m), a 45% drop in production. 

For GPharos to repeat its 1st Quarter's earning of 14.48 sens a share, its June log production has to be at least 3,500 hpt. If it can achieve that, then its half-year earning will come to about 30 sens a share. At this moment it is too early to talk bout a possible 60 sens a share for its whole year earning.

Priceworth International (Rm 0.175)

I hope PWorth can move higher next week to form a mini wave 5 so that the 16 sens low has a higher possibility to be the bottom for this stock. More important I hope PWorth can announce a log production figure of at least 6,000 cu.m for its May output.

.