The following is a rudimentary attempt on counting the Elliott Waves for Genting Singapore.
Although it is said that because Elliott Waves work on mass market psychology, it is usually not accurate for individual counters. However, with 12 billion float in the market at such a 'cheap' price compared to most other blue chips, Elliott Waves could possibly work...
Potentially, we could be in a wave 2 down, and we could possibly be in the 3rd of A wave of 2. Assuming the 3rd of A is 1.618 times of the 1st of A, we could potentially see 70 cents before reaching hovering and retracing for the 4th of A.
The potential to go lower is high. GMMA still indicates a downtrend. So did MACD. %R and stochastics are however starting to show oversold signals.
We shall see....
Hi JW,
ReplyDeleteI too see 70c in my TA. :)
Hi momo,
ReplyDeletethen it would be wise to open shorts on genting in CFD ;)
Hi AK71,
ReplyDeletetoday's rise continues my fairytale :)
Let's see how it pans out.
Hi forex-cat,
thanks for visiting! No offence, but your blog is too new and short for me to add on to the ever-growing list as of yet. Perhaps we could exchange links when you have more posts? :)
Thanks for offering!
Hi mark,
I don't short the market because the risks-reward is usually not very good; you can potentially lose more than 100%!
Hi JW,
ReplyDeleteMy latest TA for Genting SP suggests that this is a second chance for stale bulls to reduce their exposure. I would rather err on the side of caution actually.
There are counters out there with greater clarity, for sure. ;)
I look forward to the continuation of your fairytale. :)
Hi AK71,
ReplyDeletethanks for the interest in my fairytale :)
Genting has been included into the FTSE Large Caps index and FTSE All World index.
This might be the reason for the shoot-up... and it could be temporary.