EG (8907) - FBMKLCI and EG
FBMKLCI (1,697)
KLCI rebounded by about 4 points today. Going by my previous wave count for KLCI that the current correction is the sub-wave iv, then this rebound is likely to be the wave b of iv.
However, if KLCI can continue to move higher from here in the next 8 to 10 days, then the last pullback is the mini wave 6. The current run-up can be the mini wave 7 of sub-wave iii.
EG Industries Bhd (Rm 0.885)
I still believed that EG has completed its major wave 4 and is on its major wave 5.
It has just reported an improved quarterly earning of 3.6 sens a share. Net assets per share is Rm 1.24. EG managed to improve its earnings over 3 consecutive quarters from 2.3 sens to 3.38 sens and to 3.6 sens corresponding to improved quarterly revenues from Rm 150 millions to Rm 234 millions and to Rm 259 millions.
With the 2 days of unexpected drops after announcing its improved quarterly earning, I need to modify my wave count slightly as shown.
The pullback until yesterday became a higher degree sub-wave iv correction. EG is likely to continue to move higher in the next two weeks to form its sub-wave v of wave (i).
There is another possible wave count for EG if the October low is not the end of its major wave 4.
If the major wave 4 is a a-b-c-d-e-X-a-b-c formation, then the end of major wave 4 is in November instead of October. Under this condition, its February high becomes the sub-wave i. Then the worst scenario for EG can be a 100% retracement for sub-wave ii to 82 sens. Looking positively, we have another chance to buy EG at October low of 82 sens.
EG (8907) - FBMKLCI and EG
http://chanky50.blogspot.my/2017/03/fbmklci-and-eg.html
