Dow continues with its major wave (6). So far it has completed its sub-wave i-ii and mini wave 3 of sub-wave iii. Still a long way to go, if I am right.
Crude Oil WTI (US$46.40 a barrel)
The rebound in the last 3 days is too big a magnitude to be considered as mini wave 4. If C has only 3 waves, the only possibility is a 3-3-3-3-3 sub-wave ii. Hopefully this ii can be completed before December.
Oil & Gas related stocks
These stocks are expected to move in tandem.
FBMKLCI (1,665)
I am more inclined to read KLCI as an overlapping 1-2-3-4-5 sub-wave i. Sub-wave ii is in progress. There is a possibility that KLCI will move in tandem with the crude oil prices as Malaysia is heavily depended on revenues from oil & gas.
EG Industries Bhd (Rm0.785)
My original reading for EG is less bullish by assuming that it is currently forming the sub-wave v of wave (iii) with 82 sens as the target for v, even though sub-wave iv has only one day of correction whereas sub-wave ii has 5 days of correction.
EG has a strong candlestick with record volume on Friday with the characteristic of 3 of iii of (iii) especially in the morning session when it reached a high of 82 sens. But it also can be the climax for v of (iii) before the next wave (iv) correction.
However if it can continue to run next week and go higher than 82 sens with high volume, then the following wave count is more likely.
LCTH Corporation Bhd (Rm0.735)
LCTH is on course to complete its wave (v) of 3.
It is currently forming the mini wave 5 of iii with 78 sens as target.
Felda Global Ventures Hld Bhd (Rm1.78)
If Felda can continue with its last two days of up-trend with improved volume and go higher than Rm1.85 then it is forming its sub-wave iii currently. Volume has to be high as this is the iii of (iii).
If there is no volume and prices are fluctuating within narrow margin, then it can be wave (iv) in the making.
The worst that can happen is when it drops below its lower trend-line - run for your life.
Really pity those Felda settlers that have taken the loan facilities provided to buy FGV at Rm4.45, the listing price.
Click 'Felda Settlers' for the report.
I guess, by next election in 2018, BN will need to do something if they want to win the votes of these Felda settlers.
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