Dow dropped 279 points (-1.5%) on Friday due to investors worry about Greece and a sharp drop in China SSEC index future on Friday after the closing bell.
This drop could be the ending mini wave 3 of e of wave (xiv). Then we still have wave (xv), (xvi) and (xvii) to go before we reach a possible major turning point for Dow.
Then for the first time, it struck my mind that Dow might be forming a terminal wave, a '3-3-3-3-3 Ending Diagonal Triangle' for its wave (xiii)
After wave (xii), there is a 3-wave i, another 3-wave ii, an 11-mini wave (equivalent to 3) iii and another 3-wave iv. If Dow started to move up from its current level to 18,500 or slightly beyond (over-throw) and then started to move down and cut through its lower support line, then, be careful, be very very careful, that is possibly the ending diagonal triangle wave (xiii), Dow might be heading for a major correction.
If we are lucky, Dow might have a 13% to 15% major wave (6) correction.
If we are unlucky, this could be a mega wave 2 correction. The mega wave 1 bull run since March 2009 from 6,547 level could have ended.
Dow might go for a 42% pullback to where major wave (4) has ended, the 10,655 level, or it might go for a 100% retracement to the starting point of mega wave 1, the 6,547 level.
FBMKLCI (1,845)
KLCI will have to move in tandem with the Dow. If Dow is forming its wave (xiv) to (xvii) or its major wave (6) correction, KLCI might be able to last until early 2017 for its major wave 5.
However, if Dow is going for its mega wave 2 correction, KLCI might have a failure major wave 5 and might start to come down sharply in tandem with Dow.
LCTH Corporation Bhd (Rm 0.48)
LCTH has a powerful surge on Friday with high volume. Sub-wave vii has started.
Dr. Chen Lip Keong
Dr. Chen is the 17th richest man in Malaysia according to Forbes's ranking. He is an adviser to the Cambodian government and he owned the biggest casino in Cambodia, the NagaCorp Ltd, which is listed in Hong Kong.
He has a few listed company in Bursa Malaysia such as Facb, Petaling Tin and Karambunai.
Facb Industries Incorporated (Rm 1.25)
Facb surged 9 sens (+7.7%) on Friday with comparatively high volume. It used to be a very quite and frustrating counter but is a very very solid stock with a cash backing of Rm 1.74 per share with zero borrowing. Besides the cash, Facb has 340 million shares of Karambunai in hand and factories and offices in Malaysia and China selling 'Dreamland' mattresses and related products. It is hard to understand why its share price has been staying at around Rm 1.00 to Rm 1.30 in the last 2 years.
From its long term chart, this could be the major wave 3 of (3).
Petaling Tin Bhd (Rm 0.28)
Another boring but solid stock of Dr. Chen. In its latest quarterly report, earning per share is 0.11 sen and net assets per share is Rm 1.04. It has many under-valued property, personally I valued Petaling Tin at Rm 3.20 a share.
Has mega wave (3) started ?
Karambunai Corporation Bhd (Rm 0.07)
Dr. Chen is holding 74.27% of KBunai. If only he could get a casino license for this resort in Sabah.
Forming a big double bottom. Has mega wave (2) completed ? Just look at the OBV, fantastic accumulation.
Latest quarterly earning is -0.18 sen a share and net assets of 15 sens. And again its properties are greatly under-valued.
I am monitoring its daily volume and its OBV movement closely for improved daily volume and an OBV breakout before a price breakout.
Hi hkloon,
Sorry that I have overlooked your comments. Thousand apologies. I am only an amateur chart reader trying to share my reading with my old friends and at the same time telling them, 'hi, I am still alive'.
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