Has Genting reversed?

My last entry talked about Genting is at dangerous level with a 60 degree climb. Then the next day it started dropping, so for a moment there I thought, "Wah! So jun-ah?"

Seriously speaking, was that the explosive closing that I have mentioned?


Fig 1 Genting Daily Chart

Actually the price move is quite disappointing, it really did not go with a bang! The same thing is said about the volume on that day. For the next 2 days this counter has been going down, but not the way I picture it for an aggressive counter.

While Stochastic and RSI has shown a momentum downward, my guess is that it is not yet finish, this is still just a correction. I recall a spike reversal that I have learned before, there were 3 different configurations, one straight with 1 day reversal pattern, the second one is a spike, then followed by a short congestion creating a flag. The third is actually a flag before the spike, which I feel is more fitting for this counter.

My last read indicated a peak at 2.34. It is still possible that there it would rest.