Wing Tai in decision zone

I have not been writing on Wing Tai's development for a while. The last time I wrote about it was when it has moved up. after looking at it again today, I have decided to write something on this counter.


Fig 1 Wing Tai Daily Chart
I see 2 possible patterns in formation for Wing Tai. The first is a potential head and shoulder if confirmed will lead to objective of 1.18. The other one is a symmetrical triangle, which have the same measurement since the first point of envelop formation coincide with the "head" of the head and shoulder.

My hunch is that Wing Tai will not go down just yet. For one thing, the triangle is not complete. the is still an "e" wave to go, I suspect it will hit 1.88 before retreating and thus breaking the lower envelop.

There is an alternate possibility, if Wing Tai breaks the upper envelop, this is likely to mean Wing Tai going to climb higher. That will lead to an objective of 2.38.

At present moment, the RSI is at the bottom, so it will still support the up move of Wing Tai