UOB very BIG move

I have not played Bank stocks for a long time, partially because their price is sky high and I feel it is not worth the money. I still recall the last time I played with DBS, it was only at SGD5-7. Why didn't I keep 1 lot then? I would be much richer now if I did.

Anyway, today someone on CNA forum were talking about UOB diving, so I thought I will take a look.


Fig 1 UOB Weekly Chart

After looking at it, my take on UOB, seems to me it is only the tip of an iceberg. Between March 2009 till recent month, it was doing a B wave, I base this on the seemingly "3rd" wave. It was much shorter than the other 2 which disqualifies it to be 3rd. I would thus say that the whole move is a B and it is a 3 wave pattern.

Now if that is true, we should be seeing C by now. In addition, if all its predecessors are such huge waves, C cannot be small. So will it go back to its low in March 2009? We shall see...........