Weekly Update

Dow (18,395)

My wave count for Dow remains the same despite the fact that the magnitude and duration of mini wave 1-2 is about the same as that of sub wave i-ii.

The reason is that, based on the 60-minute interval chart as shown below, the up trend from 2nd August to 15th August which I have designated  as mini wave 1, has 5 advancing waves. My wave count indicates that Dow will complete its mini wave 2 on Monday morning and at the close of its Monday trading session Dow will be in positive territory that indicates the starting of mini wave 3

However if Dow failed to move higher on Monday, I will have to revise my wave count.

FBMKLCI (1,683)

KLCI is forming its sub-wave iv at the moment. Hopefully it can start to move higher next week to begin its sub-wave v.

Felda Global Ventures Holding Bhd (Rm 2.14)

Currently FGV is forming its sub-wave iv.

EG Industries Bhd (Rm 0.87)

EG is currently forming its sub wave ii. Hopefully it can complete its sub-wave ii next week and start to move higher to form its sub-wave iii. It should not drop below Rm 0.835.

Insas Bhd (Rm 0.655)

Insas announced an earning per share of 5.47 sens with net assets at Rm 2.04 per share.

It failed to move higher despite a jump-start at 66.5 sens. Hopefully Insas can move higher next week to start its mini wave 3.

Berjaya Corporation Bhd (Rm 0.33)

BJCorp ended Friday at its 9-year low of 33 sens. There is no way to tell how low it can go. At least the gradient of lines joining the lows has started to flatten.

The only positive sign at this moment is the divergence between the gradients of price's lows and OBV's lows.

The only thing that is sure is that BJCorp is greatly undervalued. Only those with lots of bullets can buy and hold until Vincent Tan has decided it is time to move his stocks.