Bursa Malaysia - Sub-wave iv correction for Property may have completed

Sub-wave iv correction lasted almost one month. If it is currently in the mini wave 1 of sub-wave v, property stocks may start to move higher again.

Glomac Bhd

From Glomac 10-year chart, one can see that it has completed its long-term inverted head and shoulder formation. In May it has punched through its neckline and in June's pullback, it dropped to touch its neckline at Rm 1.10 to complete its wave 2 before moving up again. Very classical.

It is currently at its wave 3 of major wave (3) of mega wave (III), I love it. I always love wave 3 of (3) of (III). If my reading is correct, it should move up with high volume in an unmistakable dynamic manner unless wave 2 has not yet completed.

Prolexus

 

Prolexus gained 16 sen to close at Rm2.01 (+8.6%) on Friday with high volume.

It can be the starting of the wave 9 of major wave (3).

Bina Darulaman Bhd

BDB has pullback and is resting on top of its upper resistance line. Its first quarter earning is 9,58 sen a share and its NTA is Rm3.52 a share.

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