Dow put on 122 points (1.17%) to close at 10566 on Friday.
A rough projection for major wave (V) at this moment is a 3 months duration with a targeted price of 12,500, another 2,000 points to go. Has to wait for the completion of wave 1 of (V) for refinement to the projection.
As long as any pullback does not exceed 3% and the technical indicators remain on the upper half regions, Dow is on course to complete its wave (V). The next question is the duration for wave (V). Since wave (III) is longer than wave (I), it is likely that wave (III) is the extended wave and wave (V) is likely to have a duration that is similar to wave(I). Since wave (I) has a duration of 3 months, lets assumed that wave (V) can last for 3 months starting from February 8 then it will end on second weeks of May 2010. But based on past experience, wave V can end with a euphoric run, a concave parabolic curve or it can have a premature death, a failure V. Unpredictable is the word.
Scomi Group Bhd reported a 4th Quarter negative earning of 4.24 sens. 2009 whole year earning is only +0.96 sen. Net assets is Rm0.96 per share. Wave C has yet to be completed, it has extended its wave C to nine wave. Watch out for 100% retracement for wave (II) to form double bottoms.
Priceworth reported its half year (ending December 2009) earning of +0.56 sen per share. Net Assets per share is Rm1.78. Its stock price is close to its base as shown . If it is forming a 1-2-i-ii pattern, the next surge can be powerful.
Kurnia Asia is in the process of completing its wave C of major (IV). 50 sens level can be a solid support for wave (IV). Half year (by December 2009) earning is 2.89, Net Assets is 20 sen. No good.
KNM may have started its major wave (III) already. Its 4th Quarter earning is negative o.78 sen per share. Whole year earning is +4.33 sen per share. Net assets is 48 sen. Chart form is nice but fundamental is not that strong.
Whole year earning for Inch Kenneth is 0.09 sen per share. Net assets per share is Rm1.16. Waiting for the start of major wave (V) pending its 300 acres land sales in Bangi. Since 2008 its quartery reports have been mentioning about finalising the deal.
Dutaland is about to complete its wave E of major wave (II). Its half year earning by December 2009 is negative 0.71 sen per share. Net assets per share is Rm 1.28. Look out for the starting of major wave (III).
Dow gained 78 points on Monday, it can be the starting of sub-wave iii of wave 1 of Major (V)
Dow has yet to break its immediate high set 5 days ago.
But S&P and Nasdaq have moved higher than their respective high at sub-wave (i) signaling the possible starting of sub-wave (iii) of wave 1 of major wave (V) as shown.
GPacket put on 10 sen to close at RM 1.23 today with impressive volume. Is this the beginning of major wave (V) ??
Hang Seng put up a significant show today, a gain of 448 points (2.17%) may appeared normal in term of magnitude, but the gain is significant because :
Is Hang Seng taking over the lead from Dow at this moment? Wait and see.
