Wing Tai is crossing over

While typing the title, I suddenly feel like I am the Ghost Whisperer. I am not really sure what's my previous entry was on Wing Tai. I assume it was about a potential head and shoulder formation.


Fig 1 Wing Tai Daily Chart

So what did I mean by crossing over. It is all about the neckline, Wing Tai has just crossed the neckline today which could mean the maturity of the formation and that now it is going to head for its objective @ 1.186. However, to be sure that it is a true crossing, it must see the light...okay, it is not the show. What I mean is that it must remain below the neckline for the next few days, otherwise it would be a false break and the whole set up has to be re-caliberated.

At present the indicators are heading south meaning that the momentum downward is quite strong, chances are Wing Tai is going to break. If I use the rules of Elliott wave. We should be at a C wave and the formation is a zig zag pattern. Using the length of A wave as reference, Wing Tai should have an objective of at least 1.43. Therefore it is still in progress of completion.