EG Industries Bhd (Rm 0.865)

I mentioned in my previous posting 'EG is forming its major wave 4. Major wave 5 can be quite juice'.

EG gained 3 sens today, some started to ask whether this is the starting of its major wave 5?

My answer is 'No'. From the 5-year chart, both the magnitude and duration for the major wave 4 until this moment is too short. At best, EG has completed its wave a of 4. If the share price can continue to move higher, very likely that is the wave b of 4. There will be another down to complete the wave c of 4 before the juicy major wave 5 can start.

There is another possibility which, at this moment, I think is unlikely. But if EG can surge strongly with record volume, then the early January high of Rm 1.26 is not the end of its major wave 3, it is only the wave (i) of its major wave 3. Then the next surge can be the wave (iii) of major wave 3 of its mega wave (3). This possibility may be there but I think is unlikely unless it can surge with unmistakable record volume.

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