Saturday, August 18, 2018

Weekly update

Dow (25,669)

Not much changes to my reading for Dow. If it can continue to move up strongly in the next few weeks and moving above the 26,616 level, then it is still forming its major wave 7.



If Dow is unable to go above the 26,616 level, I cannot rule out the possibility that it is on the tail-end of the wave B of its major wave 8.



For FBMKLCI, I am still holding on to my previous readings with close correlation to the Dow.

USD/MYR (4.1025)

After going through the Monthly, weekly and daily chart carefully again, it appeared to me that vert likely the current weakening of the Malaysian Ringgit is the wave ii of its wave C and this wave ii is about to complete. I am quite bullish on ringgit. The next strengthening may bring USD/MYR to around 3.00 level.


EG Industries Bhd (Rm 0.60)

EG formed a very strong candlestick on Friday with very high volume of 9.3 million shares changed hand. It added 6 sens (+11%) at the close after touching an intra-day high of 62.5 sens. Is this the first candle of its mini wave 3? Is the run-up since early July marked the starting of its mega wave (3).


Is EG forming an 'inverted head and shoulder' pattern? I am keeping my fingers crossed.


Miscellaneous



They forgot what they have done in those years before GE14.

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