Dow gained about 90 points after 90 minutes of trading on Thursday morning. It appeared to me that mini wave v has started.
After 2 days of correction the mini wave ii for FBMKLCI is about there. If the index can move up from this level tomorrow, then it is possible that mini wave iii is on the way.
Farms Best dropped to 58.5 sens today. The correction so far is too big to be a sub-wave ii. Another alternative is wave (ii) provided it won't go below 57 sens.
Once it goes below the 57 sens level then it is forming the major wave 3 of major wave E of mega wave (2). At best it will drop to the 50 sens level to form a double bottom reversal pattern.
After the market closed, PJ Development announced good 1st quarter earning of 6.71 sens per share. Its NTA is Rm 2.17 per share. PJ Development can be considered cheap at Rm 1.23
PJ Development closed at Rm 1.23 today to form its mini wave ii. Hopefully it can start its mini wave iii of its sub-wave 3 tomorrow.
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