EG Industries Bhd (Rm 1.05)

EG added another 4 sens today to close at Rm 1.05. Its major wave 1 gained 60%. To date its current major wave 3 has gained 110%.

110/60=1.83, which is more than 1.618 times of its major wave 1. Is the current major wave 3 going to be 2.618 times of its major wave 1? If so then the current major wave 3 will have to gain 157% to reach Rm 1.26 level.

If I don't bother about the Fibonacci ratios, looking at the 6-month chart, EG has formed 5 mini waves for its wave (v). There is a possibility that the wave (v) is about to end or has ended, unless it has 9 mini waves. And if the major wave 3 has only 5 waves, then it is about to end or has ended too, and again unless its has 9 waves.

Another bullish possibility is as shown below. The end of mini wave 5 is only the end of sub-wave i of wave (v), the next correction could be its the sub-wave ii. Under this scenario we still has sub-wave iii, iv and v of wave (v) in front. Next pullback is crucial.

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