Another 1,000 points Dow will reach the upper trend line at 27,000. If Dow is indeed forming an A-B-C-D-E major wave 8, the next drop is going to be very painful (-20%) unless it is a failure E then it can become half-painful.
But if Dow can punch through the ceiling then it is on its major wave 9 but I cannot explain why wave C of 8 has only 3 three waves. Just wait and see.
FBMKLCI (1,721)
Faster than the Dow, KLCI is almost reaching its upper trend line to complete its iv of C of (6) before turning down to form its wave v of C. But dropping from say 1,730 to say 1,600 is only -7.5%, it doesn't tally with the -20% of Dow, unless Dow has a failure E.
But if Dow can punch through its ceiling, I would expect KLCI to breakout of its upper trend line. Then the more bullish alternative wave count comes in.
Inari Amertron Bhd (Rm 1.50)
Inari announced a disappointing quarterly earning of 1.73 sens a share about 10% less than its previous quarter of 1.91 sens. The drop provided a reason for its wave ii formation. I expect its prices to move higher in the short term to complete the wave B.
Insas Bhd (Rm 0.82)
Insas's latest quarterly earning dropped from its previous quarter of 4.02 sens to 1.31 sens. It has another 2 sens to go to rest on the top of the trend line at 80 sens before moving up again.
The poor earning is a real test to my bullish wave count. However if Insas can continue to run higher despite of its poor earning, then there must be some other development that the small fish is not aware of.
If Insas were to go below the 80 sens level next week and continue to move lower and lower then I can be totally wrong in my current wave count.
.
No comments:
Post a Comment