The most likely wave count for Dow is a sub-wave vi formation.
FBMKLCI (1,779)
The candlesticks in the last four days really surprised me. Instead of moving down to form the mini wave 4 and 5 the KLCI moved higher.
Hopefully the next few candlesticks can help me to firm up my wave count.
However, if we look at the chart for the Industrial Index as shown below, it is rather obvious that the down-trend remained intact.
Priceworth International Bhd (Rm 0.245)
After reaching a low of 7.5 sens in October 2016, Pworth staged a strong rebound after the company has proposed a massive corporate exercise that is expected to give a major boost to its earning.
Click 'Priceworth-Rm100 million net profit' for an article appeared in The Edge Financial Daily.
Technically if Pworth can move above the 29 sens level to form 5 advancing waves, then the up-trend still has a long way to go. But must watch out for the major wave 2 correction.
However if it is unable to break the 29 sens level, then technically it has a 3-wave rebound before continuing with its long-term downtrend. In this case, most likely Pworth is unable to go through with its proposed corporate exercise.
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