EG Industries Bhd (Rm0.86)

EG opened with a gap and moved up strongly today gaining 3.5 sens (+4.2%). Is this the starting of its major wave 5?

EG took about 18 months to complete its major wave 4 correction with a rare ABCDE-X-ABCDE-X-ABCDE wave form.

How high can this major wave 5 go?

If the magnitude of this major wave 5 is to be the same as the magnitude of major wave 1 with a 60% gain. The target is Rm1.28 to form a double top reversal pattern. Its Warrant-C (Rm0.46) is expected to reach its previous corresponding high of Rm0.80 (+74%).

However, with some luck, if the magnitude of this major wave 5 can be the same as the magnitude of major wave 3 with a 146% gain, EG can go as high as RM2.00 and Warrant-C, with conversion at Rm0.50 (maturity date is 3/11/2020), is expected to reach at least Rm1.50 (+226%).

And of course I can be wrong too. Only the ONE high up there knows what is going to happen.

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