Why is Genting falling?

I went across the border today to Johore Bahru. Mind you, I was there to meet a customer. And guess what?! I went to Nando for lunch! Finally after so many years I managed to taste their grilled chicken. I wanted to have a go every time I went back to KL but my family always think otherwise when come to food. The chicken was great and so were the side dish. I ordered a Hot peri peri and I am surprise that it is hotter than the extra hot version in Australia (I did have Nando chicken before when I went to Australia once).

So what does Nando chicken have any thing to do with Genting? Is there a Nando Chicken at Genting (this I am not sure)? Well it is the person whom I am with that popped the question, " You are a stock expert (As if), right? what's happening to Genting, why is it falling?"

So I ended up explaining market is about anticipation and never look at news on the surface, of course I also added a lot of other "Experienced" stuffs.


Fig 1 Genting Daily Chart

But seriously, what the heck is Genting doing? I have come across this counter before when I noted recommendations from CNA forum. Many have been telling people to buy, predicting how far it will go. Indeed it shot up a little to SGD1.30 some time ago and looked promising. However, I was somehow not interested in the counter because of the overwelming recommendations. The contrarion side of me told me not to touch this counter.

Fig 1 shows the daily chart of Genting. It has already fulfilled the objective of its earlier triangle and is presently in progress for a counter wave. The pattern seems to show a completed A and A with Genting now ending C soon. C should be a 5 wave and therefore one more leg to go. The increase of volume today supports the down trend. So I would have to stay out of this counter for a while still. The next support level is 0.875.

Just in case I am wrong, where is the up side resistance then? 1.02.