ATTA Global Group Bhd (Rm 1.25)

ATTA dropped 8 sens (-6%) today. With this drop and at Rm1.25 level, there are 3 possible wave counts at this moment. I may be able to rule out one or two of these wave counts by tomorrow.

Possibility No. 1 - Still bullish

At this moment ATTA is resting on the lower resistance line. If it can move higher in the next few days from today's selloff, my previous wave count of 1-2, (i)-(ii) and i-ii remains valid. The next run-up can be powerful as it is the sub-wave iii of wave (iii) of its major wave 3.

Posibility No. 2 - Still OK

If the Rm 1.25 level can hold and prices begin to move side-way as shown, ATTA is forming the wave a-b-c of its wave (iv). There is still a wave (v) in front.

Possibility No. 3 - Very Bearish

If ATTA continues to move lower tomorrow and punches through the lower trendline, the short-term support is at 1.06. If it proceeds to form a 'head and shoulder' reversal pattern, it may drop all the way to below 0.70.

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