Genting Up-date 14th June 2010

There are quite a few commotion recently on religious organization, after the case on Ming Yi came Rony Tan, then City Harvest Church, and in recent days another pastor Mark Ng for talking about Chinese superstition. There seems to be more and more religious arguement nowadays. anyway, my days in religious battle is gone and I should leave them behind.


Fig 1 Genting Daily Chart

My last entry mentioned of Genting possibly heading for 1.14 but only after a pull back. Well, the pull back happened while 1.14 not, at least not yet. It is at present trapped in a possible rectangle formation.

Why I am thinking about rectangle and not a tripple top? The whole move since 28th April seems to be the beginning of the C wave. from 28th April to 13th May was a 3-wave pattern of a, followed by b till 25th May 2010. The a of c ended on 31st May and we should be seeing b of c right now. So logically we should be seeing a c of c with rectangle break out.

But I would be expecting Genting to head south first because it has only completed abcd of the rectangle wave, there is still an e wave to go. This also supported by the fact that the indicators might be doing a divergence on the chart eventhough they are heading up. They both look sluggish to me.

The objective for the rectangle will be around 1.16. This is higher than the earlier prediction of 1.12 base on the double bottom formation.

On the down side in case my picture is wrong, a tripple top formation will yield an objective of 0.90.