Dow dropped 332 points (-1.85%) on Tuesday. It is more likely that Dow is forming the wave e of (xiv).
Wave e may end around 17,300 level. It may fall short or it may over-shoot but I don't expect it to go lower than 17,000.
Lee Swee Kiat Group Bhd (Rm0.225)
LeeSK, a comparatively smaller company, engages in manufacture, trading, distribution and marketing of furniture, natural latex foams mattresses and polyurethane foams for automobile industries in Malaysia and US.
With low crude oil price, cheap latex and weak Ringgit, I expect its earning to improve further in the next 4 quarters in 2015.
On a quarterly basis, its revenues are Rm16.8 million, 17.8 million, 18.2 million and the latest 22.2million with earning per share of 0.36 sens, 0.32 sens, 0.63 sens and the latest 1.14 sens. I hope it can earn more than 2 sens for its next quarter ending 31st March.
More important, its chart looked extremely good.
It is forming the wave (iii) of 3 of (3) and it has a 'double-bottom' and an 'inverted head and shoulder' reversal patterns.
Its recent surge is likely to be its mini wave 3 of sub wave iii of its wave (iii). It is forming its mini wave 4 at this moment. I don't expect it to go below 21 sens.
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