ATTA Global Group Bhd (Rm 1.25)

ATTA dropped 8 sens (-6%) today. With this drop and at Rm1.25 level, there are 3 possible wave counts at this moment. I may be able to rule out one or two of these wave counts by tomorrow.

Possibility No. 1 - Still bullish

At this moment ATTA is resting on the lower resistance line. If it can move higher in the next few days from today's selloff, my previous wave count of 1-2, (i)-(ii) and i-ii remains valid. The next run-up can be powerful as it is the sub-wave iii of wave (iii) of its major wave 3.

Posibility No. 2 - Still OK

If the Rm 1.25 level can hold and prices begin to move side-way as shown, ATTA is forming the wave a-b-c of its wave (iv). There is still a wave (v) in front.

Possibility No. 3 - Very Bearish

If ATTA continues to move lower tomorrow and punches through the lower trendline, the short-term support is at 1.06. If it proceeds to form a 'head and shoulder' reversal pattern, it may drop all the way to below 0.70.

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Dow - Last Surge

Dow (21,524 - 80 minutes after opening)

Dow gained 175 points (+0.8%) after 80 minutes of trading. It appeared to me that the sub-wave v is taking the form of a 'rising wedge formation' to end Dow's major wave (7). A bearish terminal pattern. This can be the last surge before the major wave (8)'s 15% pullback takes place.

A very bearish scenario unless Dow can move up strongly and punch through the upper trend-line as shown below. Then it is a different story - the major correction will be delayed.

FBMKLCI (1,768)

In tandem with the Dow, KLCI is likely to move higher to form the 'right shoulder'  to complete its 'head and shoulder' reversal pattern. Very bearish. Wave B has ended in early June unless in the next run-up KLCI can break 1,800 level instead of forming the 'right shoulder'.

Insas Bhd (Rm 1.09)

Insas opened lower today but closed at its high to form a bullish 'engulfing pattern'. Very likely this is the minor wave iii of mini wave 5 of sub-wave v of wave (iii). Final journey before the wave (iv) pullback.

Ron 95 - Price to go higher.

Last week the crude oil (WTI) price moved from its Monday's low of US$42.63 a barrel to Friday's closing of US$ 46.04 a barrel. Up US$ 3.41 a barrel (+8%).

I expect petrol prices to go higher in the coming Wednesday fuel price announcement. Don't forget to fill up your fuel tank by Wednesday.

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Dow - about to end its major wave (7)

Dow (21,349)

Dow is at the tail end of its wave (v) and if its major wave (7) has only five waves, the end of wave (v) will mark the end of major wave (7). Wave (8) correction will be about 15%.

If the mini wave 4 of sub-wave v of wave (v) has the same magnitude as mini wave 2, Dow will take another week or two to finish this mini wave 4. The duration for mini wave 5 is hard to predict. It can have a swift and sharp one week up or it can have a slow four weeks climb.

It is also possible that mini wave 4 has ended on last Thursday when Dow reached an intra-day low of 21,197. If Dow were to move higher from here with more record highs to 21,600 level or higher to complete its mini wave 5, be careful that this could be the end of its major wave (7) as the following major wave (8) correction is about 15%.

FBMKLCI (1,763)

With last Friday's intra-day low reaching 1,755, it becomes possible that the early June high of 1,791 is the end of wave B and wave C's correction has already started. I expect this wave C to end around 1,520 level for a 15% pullback.

If the next technical rebound can go to 1,780 level, KLCI will form a bearish 'head and shoulder' reversal pattern. The next time it punches through the neckline at 1,760 level, KLCI is likely to drop at a faster pace.

Gadang Holdings Bhd (Rm 1.31)

Gadang may have one more surge to go to complete its wave (v) and its major wave 3.

But if its starts to move lower from its current 1.30 level, that will mark the starting of its major wave 4 correction. Rm 0.80 could be the target.

Insas Bhd (Rm 1.07)

There is this possibility that Insas has already completed its mini wave 5, a failure mini wave 5, if Insas continues to move lower next Monday and Tuesday. And once it drops below 1.04 level, it will go all the way to 0.90 to complete its wave (iv).

However, if Insas can move higher next week, then the pullback on last Friday is the minor wave ii of its mini wave 5. If mini wave 5's magnitude is the same as that of mini wave 3, mini wave 5 is likely to end at 1.20 level.

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Weekly Update

USD/MYR (4.28)

It appeared to me that the previous USD/MYR's high of Rm 4.486 to 1USD is the wave b of 2. Ringgit is likely to improve to Rm 3.90 to 1 USD to complete its wave 2.

Dow (21,394)

Dow is currently forming its mini wave 4. It may take about a month to drop another 400 points to complete this correction. It is just a minor correction.

FBMKLCI (1,779)

KLCI is about to complete its sub-wave viii. Be very careful when wave B is completed as the next pullback can be as high as 15%.

Insas Bhd (1,779)

Insas continues with its mega wave (5) formation. I guess it is heading towards Rm1.80 ultimately with minor corrections and a higher degree major wave 4 pullback along the way.

Very likely it has just completed its mini wave 4 and has started its mini wave 5 in the last two trading days.

If its sub-wave v has only five waves, very likely that is also the end of wave (iii). Wave (iv) may see its price drops to around Rm 1.04 level.

Selamat Hari Raya Aidilfitri 

to all Muslim 

and Happy Holiday to all Malaysian.

 

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Ron95 - Price to go lower and lower

Ron95 (Rm 1.98)

Last week the price of Crude Oil WTI dropped from Monday's opening of US$45.80 a barrel to Friday's closing of US$44.74 a barrel.

I expect the Government to lower the petrol prices tonight.

What they said and what he has to say.

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Dow - Higher degree correction about to start

Dow (21,528)

Dow opened with a gap on Monday and continued to move higher for its 22nd new record high for 2017.

If the gap is an exhaust gap then mini wave 3 can end anytime. Mini 4 correction is estimated to last about a month.

ATTA Global Group Bhd (Rm 1.34)

After two days of correction, the magnitude for sub-wave iv is about there. The next rebound will be the sub-wave v of wave (iii).

But if ATTA continues to move lower, another possible wave count is as shown below with the current correction as sub-wave ii of wave (iii).

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Weekly Update

Crude Oil WTI (US$ 44.70)

Crude oil (WTI) price dropped continuously for 4 weeks from a high of US$52.00 a barrel to Friday's closing price of US$44.70.

It is highly possible that it has completed its wave 4 of C and is on its way to go below US$25.00 to complete its wave 5 of C. This is going to be bad for oil producing countries like Malaysia.


Dow (21,384)

Dow set its 21st record high for 2017 on Friday. It is about to complete the mini wave 3 of its sub-wave v. Next pullback will be the mini wave 4 that can last about a month. Mini wave 5 can take another month.

If both sub-wave v and wave (v) have only five waves, the major wave 7 is likely to complete by end of August.

FBMKLCI (1,791)

KLCI is about to complete its sub-wave vii. Similarly if wave (iii) of B has only nine waves, it is expected to end before September.

ATTA Global Group Bhd (Rm 1.45)

ATTA may take another day or two to complete its mini wave 4 before moving higher again to form the mini wave 5 of its sub-wave iii.

From end of May until last Friday, ATTA has gained 37 sens (from Rm1.08 to Rm1.45) or 34%. But its Warrant-B has moved from 25 sens to 72.5 sens for a gain of 190%.

EG Industries Bhd (Rm 0.84)

EG is about to complete its major wave 4.

Hopefully its major wave 5 can start next week.

Gadang Holdings Bhd (Rm 1.29)

Gadang is about to start the sub-wave v of its wave (v) of its major wave 3.

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