Dow moved higher from Tuesday to Friday and it helped me to eliminate the one possibility that the major wave 7 has ended.
The remaining two possibilities are :
1. Dow is forming its sub-wave v
2. Dow is forming the wave c of its sub-wave vi.
FBMKLCI (1,773)
KLCI is forming its sub-wave iii.
When I compared the KLCI to the Industrial Index, I noticed that since the August's high, KLCI has a maximum drop of 1.34%. After last Friday's surge, the net drop from its August's high is only 0.5%.
Whereas the Industrial index dropped a total 3.34% from its August's high. With last Friday's surge the net drop from its August's high is 2.55%. I would say that the Industrial index is more reflective of the overall market condition.
Olympia Industries Bhd (Rm 0.15)
Core business :
1. Lotteries 3D, 4D & Lotto 6/45 gaming in Sabah,
2. Office space leasing of Menara Olympia in KL
3. Stockbroking operations under Jupiter Securities Sdn Bhd
4. Property development in Kenny Height KL
For quarter ending 30th June 2017, its earning per share is 1.3 sen and net assets at 39 sens a share. The good earning was due to a one-off Rm58.8 million from sale of development land at Kenny Height.
The stock price of Olympia has been moving lower in the last 20 years. Is the last low at 7.5 sens in December 2016 the bottom ?
Since 2009 its OBV has been building up strongly indicating accumulation.
Since January this year it has formed a 5-wave wave (i) and a a-b-c wave (ii). Is the current up-trend since early August the starting of wave (iii)? It is encouraging to note that its OBV has moved into record territory.
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