Stocks with (I)-(II), 1-2 Elliott's wave count.

Why HPI's price behavior, as mentioned in my previous article, can not be interpreted using Elliott wave principle? The main reason is HPI has been thinly traded all these while until lately. There was no mass participation in the past.

The most important element for Elliott wave is mass participation. Elliott wave principle basically describes how groups of people behave, how the mass psychology swings repeatedly between optimism and pessimism and in the process a specific and measurable pattern is developed. The main assumption is that the mass behavior to fear and greed, optimism and pessimism, booms and busts is always the same in the olden days of Tulip Mania and South Sea Bubble and is still the same in the present days of programmed tradings.

Back to today's topic on stocks that have formed major wave (I)-(II) and a lower degree wave 1-2. Followings are stocks with such Elliott wave count. Stocks are arranged in alphabetical order. The significance of this type of wave form is that the up coming wave 3 of major wave (III), the 3 of (III) is usually very dynamic with high volume. Can be very juicy.

Axiata's wave 3 has started with Rm3.60 as immediate target.

Duta Land's wave 3 has started. Major (III) with the magnitude of major wave (I) can reach Rm1.00. With 1.618 of (I) can reach Rm1.30.

Inch Kenneth's wave 3 has started with high volume. 60 sen is the minimum target.

KNM, no sign of wave 3. How low can wave 2 goes?

Mulpha, same as KNM, waiting for wave 3 to takeoff

RCECAP is currently in wave 3

SAAG, still waiting for its wave 3

UEM, no sign of wave 3 but a 'Doji' has formed.

In charting there is such thing called pattern failure, remember the failed 'Head and shoulders' pattern before the current run-up, before the wave 3's breakout with high volume, if wave 2 drags side way or lower for too long, the form can change into something else especially if it goes lower than (II).