City Development

I have decided to write about City Development today because there was a thin line of remance between us. It was 1998 that I started playing the stock market and I happened to spot on City Development, it was then SGD5.00. Imagine if I have bought this counter then and kept it, my money would be doubled by now.

I remember I saw City Development at SGD5.00, there was a flag pointing to SGD5.50. I did not know what came over me, I decided to go into this counter for a SGD500 profit. I entered in the morning and it took the counter until 3:00PM to reach SGD3.45. By 4:30PM, many rushed in to cover their position and shot the counter back down to SGD5.00. I got out with losing on the commission. Do you know the irony of the whole thing? It went all the way up to even beyond SGD5.50 the next day.

One thing I have learned in this lesson is that if you cannot carry the counter, don't do naked shot.

Anyway, back to this counter now. Again, it looks like a multi-year counter wave with completion of A. Mind you, A is a 5-wave pattern, so C should be a 3-wave. Subsequent move is turning into a triangle With the completion of C, we should see an up-ward thrust after. It is also possible that the triangle will trigger a 5-wave (a,b,c,d,e).

No matter what, City Development should be heading north.Measurement? It is still inside a congestion zone and we will have to wait for break out.