Ekovest on 12th April 2011
In my 12th April post, I have shown the above chart when the price of Ekovest has marginally cut through the neckline of a potential 'Head and shoulders' formation supported by the volume pattern.
Since then Ekovest has dropped another 11%. It closed at Rm 2.94 yesterday. It will have to drop, at least, to Rm 2.60. It can also go much lower than Rm 2.60. But if this is a sub-wave 4 correction, it should not drop below Rm 1.70, the top of sub-wave 1 as shown below.
If Ekovest is heading for a major wave B formation, it will have another surge to form the sub-wave 5, after completing the sub-wave 4. Sub-wave 5 may reach somewhere near Rm 4.00 before starting its journey for its major wave C, that can go back to its 1998's low of below 50 sen. This will happen if Dow is going for double dips.
There is another possible wave count for Ekovest, a very bullish version as shown above. If the sub-wave 5 can reach Rm 5.00 or higher, it is only forming its wave (3). Wave (4) will take more than 12 months to form and the price is expected to hold above Rm 4.00 for an a-b-c correction. Its wave (5) that can start before end of 2012 or early 2013 can reach Rm 6.50 or higher to break its year 2000's height of Rm 7.80..
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