Genting below SGD0.90?

Just last week I did a forecast on Genting and I noted that it is a correction because it is working on the "B" wave. With a BIG "A" wave, "B" cannot be too small and it really needs to be a 3 wave pattern, it was then doing a second.

Just today I read a thread on CNA that Genting is heading for sub 0.90 and he said "mark my word". I added " mark my word, too! "eventually"". But it made me curious, could this be true eventually?

While I was going through my mails later, I have also received a CIMBInvest that they are downgrading Genting now from overweight to equal weight. I have no idea what that means because it is fundamental analysis. I gather that all is not good for Genting at the moment because CIMBInvest used to grade it much higher at 1.30 (funny that I did not see THAT far).


Fig 1 Genting Daily Chart

So looking BACK at the daily chart AGAIN, it is indeed reversing. The indicators are coming down (with support of divergence). The support level is seen at 0.912 which is around 23.6% of C wave retracement and 50% of its "a" wave retracement. I believe this level should be quite well supported. Further more, both indicators are already 1/2 way down to there isn't much downside allowance. So chances are it stops at 0.912 area.

The other scenario however base on a rectangle B wave, which leads to Genting retrace back to its previous low of 0.84. Of course 0.84 already means below 0.90. However, my bet is that this is not so possible. My feel is that the B wave will penetrate the A of A wave which is at a low of 1.02. There is no base on this prediction, just my hunch.