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We saw many happy faces last week as QES broke its ATH and closed strongly with 16% gain on Friday. Some were highly bullish to say that the rally could possibly sustain up towards RM1 in the next few weeks. Based on our wave analysis however, we think things might turn out otherwise. Our wave count suggests that the recent rally might be in fact wave (b) at work...

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Based on our wave analysis, the consolidation in KGB for the past 4 months might be an attempt to form a contracting triangle to complete wave iv correction. Diminished volume and decreasing volatility during the pattern formation following wave iii rally might further support this wave count. Triangles are unique in Elliot's wave principle in the sense that it...

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We believe the correction in YONGTAI has ended earlier during March this year after it completed a deep zig zag corrective pattern. Today's bar close above the downtrendline as shown could possibly be an early move way up to RM0.77 area for wave (iii). To further confirm the bullish scenario however, we would like to see the stock push above the RM0.30 zone with a...

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It appears that our previous wave count earlier in May (posted on 5/5/21) was void after PA failed to break into new high and instead move down lower. Our new wave analysis reveals that the 5th wave was truncated in a form of an ending diagonal. The selloff that follows was a corrective wave A of a zig zag followed by a bounce to form wave B. We believe the...

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Amidst the recent broad bullish sentiment in steel stocks, we believe PA resources one of the few laggards in the group might soon join the bull party. Based on our wave counting, the recent moves in PA appears to be the start of wave (v). Earlier in April, it completed a double three corrective pattern of wave (iv) and slowly climbing its way up approaching its...

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Following yesterday's brutal selloff across the crypto market, we see most of the coins were slowly recovering some of their losses this morning. Since Bitcoin has got all the attention compared to other cryptos, we will try to look into it based on wave analysis perspective. Based on our wave count, we believe the panic yesterday was a powerful wave 3 of a larger...

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This time around we will look at HLAL, a syariah compliant ETF listed on NASDAQ that provides muslims investors exposure to the US stock market. We ourselves had a small portion of our portfolio invested in HLAL as a long term investment though we would not be biased in presenting our analysis here. At the moment, our wave count suggests that the move in wave i...

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Though the correction in INNATURE is still on its way to completion, we're anticipating a zigzag variant of corrective pattern based on the likely 5 waves impulsive move seen on the chart. Next fib retracement level could be seen at RM0.565 (38.2%) which could be the next potential support. However, we would be more cautious and conservative if the corrective...

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Dogecoin has been all over the place. If you don't know what's hot on the crypto market right now then you're missing out, big time. Here we have dogecoin, a Shiba Inu dog meme inspired coin first introduced in the late 2013 and just recently claimed a spot to be the 4th largest cryptocurrency by market capitalization valued at more than 64 billion USD. Dogecoin's...

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We recently received a question from a follower regarding our previous wave analysis on TOPGLOV posted on 25/04/2021 as to whether wave (ii) has completed. We did another wave counting today on a 1hr chart and found out that TOPGLOV is working its way down to complete wave a of a larger degree wave (ii) which means the correction has not ended. On the 6th of May...

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Our wave analysis on ARBB reveals the stock is currently forming a double three (as of 05/05/21) corrective pattern of wave iv of a larger degree wave (iii). The double three here is comprised of an expanded flat followed by a contracting triangle; such a sequence is a typical type of a double three. As a side note, triangles in Elliot's wave principle usually...

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We had PTRANS in our watchlist for quite sometime and have been closely monitoring it since the pandemic recovery. The stock has been building a lengthy base since August 2020 after a sharp rally in wave iii. Based on our wave counting, the base appears to be a sideways combination of three corrective patterns or as Elliot calls it as 'triple three'. A combination...

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With the growing global demand in EV-related components, D&O along with other semiconductor peers in general were among the best performers in technology stocks last year. On the monthly chart, we can see a powerful rally in a parabolic fashion since the recovery from March 2020 global market meltdown triggered by the Covid-19 pandemic. As we see on the chart, the...

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A lot of steel names were seen rallying strongly today and managed to hold their gains up to weekly close. One particular steel stock that caught our eyes is MYX:MELEWAR . After making explosive gains at the end of Dec 2020, the stock has been consolidating for 16 weeks in a contracting triangle corrective pattern of wave (iv) as labelled on the chart. Today we...

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We believe the recent selloff in XRP has found its bottom and the bulls are back to push back the price up. If our wave counting is correct, XRP just took off after completing wave ii and currently is working its way up to complete wave iii of a larger degree wave (v). However we are not sure of the extend of wave iii and where it would terminate. Since it has...

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Based on our wave analysis on weekly chart, XRP is currently working its way up to test its previous key resistance level at around 3.32USD to complete the final 5th wave if its impulsive move since 2014 low before going into corrective phase. This is however a more conservative view of ours since we saw a extension of wave 3 during 2017 crypto super bullrun. On a...

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While TOPGLOV appears to be in a downtrend since October 2020, recent rebound raises a lot of questions whether the rally would sustain. A few things we've noticed here on the chart which are: - A tentative downtrendline has been broken - Positive divergence in RSI - An inverted H&S pattern (however, rally volume seems diminishing after breaking the neckline) -...

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TOPGLOV is seen to undergoing a corrective phase of wave 4 after an explosive move of a very long extension in wave 3. The fact that wave 3 has been so powerful and very extended, we would take a conservative view that the next coming Wave 5 might be truncated and not be able to break its previous all time high. Our view might change if it turns out otherwise. The...