In September 2018 after announcing its proposed disposal of 8,999.13 acres of its plantation land in Perak to United Plantation Bhd for Rm413,574,302.49, within two days, its stock price went from 14 sens to an intra-day high of 69 sens before closing at 54 sens.
It went into 5 months of consolidation until end of February 2019 to form its wave ii. It started to form its wave iii in March 2019 and so far it has completed the mini wave 1-2 and minor wave i-ii of its wave iii. Today's surge with high volume is the minor wave iii of its mini wave 3 of its wave iii if Pinepac can continue to move higher from now on.
But if Pinepac is unable to break its wave i's 54 sens high and started to move lower in the next few days, than it is more likely that its wave ii is not yet completed. It is going for a complex abcde-X-abc wave ii.
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So it may go up or it may go down. Honestly, do you find Elliott waves useful ? It answers the obvious - it may go up or down. It just provides a framework for flip flopping , ends up in the same place as in we dont know anything new before we used the wave "theory"
ReplyDeleteWithout using Elliott waves theory it is always a 50-50 situation but by using Elliott the situation can be 70-30 or even 90-10 for you to make a decision. Market cannot exist if there is a way or theory that can provide 100% sure situation.But if you can always get 70% correct and 30% wrong, that is good enough to survive.
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