EG Industries Bhd (Rm 0.975)

EG put up a strong performance today. It gained 7 sens (+7.7%) with high volume to close at 97.5 sens. The magnitude of mini wave 3 at this moment is about equal to the magnitude of mini wave 1. This is a possible turning point to form mini wave 4.

But if the uptrend can continue into next few days, then mini wave 3 can either equal to 1.618 times or 2.618 times the magnitude of mini wave 1. Under this scenario, mini wave 3 can either end at Rm 1.02 or higher at Rm 1.12.

If I take the percentage gain of the current major wave 5 to be the same as the percentage gain of the major wave 1, i.e. +62%, the target for major wave 5 is around Rm 1.33, another 36% to go.

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