Weekly trend Elliot wave for IDEAL chart is very complicated, it have two most probability wave degree development is only going ,which is impulse wave 3/C up or sharp correction wave up( triple Zigzag or we name it as a WXYXZ), I spend some time to nail it down and draw out couple of technical justification to make the conclusion, it is sharp correction wave up why ! 1.) 3 zig zag wave is connected by wave x. 2.) The retrancement is less than 61.8% of wave A,B,C. 3.) The extension of wave Y length is equal to wave W. 4.) The X wave mainly is ZigZag. Refer to the censoft technical analysis we did. it is very similar to it.Click here Censoft TA
I am go bullish in Weekly trend. the technical justification for me is 1.) Morning star formation at the wave X area, it is a signal of reversal confirmation. 2.) Bullish divergent formation. 3.) Stochastic is crossing 4.) Weekly volume was build up. 5.) Elliot wave is on triple ZigZag and wave Z up is ongoing to Rm 1.00
MY READING - SL 1. Today is T3 and tomorrow is T4 (base on peak volume and peak price on 6th Nov) - this is where most ppl start to jump in... 2. After T4 can survive then possible rebound 3. Technical indicator like MACD also pointing south 4. Accumulation/Distribution pointing south 5. MFI is overbought even yesterday MFI index showing above 90% 6. Morning session tested Support @ 0.590 and drop till 0.580 with good volume done (most likely those ppl who want to catch the bottom, not sure is this the bottom or not) 7. Next support line is @ 0.540 (i dont think can touch) but again nobody wish it to touch on that price 8. Everyone is expected IDEAL to show a promising quarter result with some rumor also highlighted that possible of dividend, this has become news @ 6.20PM yesterday so SELL ON NEWS buy on RUMOR
READING - SELL 1. price close at support but again support is actually broken as quite a huge volume transacted below support (22.79%) 2. possible of technical manipulation to make the price close at support line of 590 to make retailer believe that the support hold but in fact not 3. tomorrow morning will be T4 for peak price another melt down
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
mkrs
27 posts
Posted by mkrs > 2014-11-09 10:58 | Report Abuse
any idea? should keep or see tomorrow bcs I m very much scared